dep. on car, insurance etc.
This query is : Resolved
06 March 2009
a person has proprietory buisness & he purchases a car for his personal use then the dep. on car , insurance chgs,& other car expenses can be shown in his profit & loss account?
and in such a case car is damaged by an accident then where to show the amount recd. from the insurance co., & loss occured on car to that person?
and in such a case car is damaged by an accident then where to show the amount recd. from the insurance co., & loss occured on car to that person?
06 March 2009
Dear Chetan,
If he has taken Car for personal use then nothing can be taken to p&L A/c.
If loss is their from accident, then you have to ignore it.
If he has taken Car for personal use then nothing can be taken to p&L A/c.
If loss is their from accident, then you have to ignore it.
06 March 2009
For claiming Car Expences, Proprietor has to show that Car is used by him for Business Activies
Secondly when he claim Exps. in Business then he has to show the car in bal/sheet & therefor damage recd. should be netoff and profit or loss should be adjusted accordingly in business
Secondly when he claim Exps. in Business then he has to show the car in bal/sheet & therefor damage recd. should be netoff and profit or loss should be adjusted accordingly in business
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