Purchase of fixed asset
This query is : Resolved
03 August 2020
a partnership firm one of a partner purchase of fixed asset rs.10 lacs value payments through on partner personal bank account.if invoices billing partner name.fixed assest used for partnership firm purpose.
Question:
Purchase of fixed assest above transaction treatment in firm and partner personal books and accepted under I.t. act.
Question:
Purchase of fixed assest above transaction treatment in firm and partner personal books and accepted under I.t. act.
04 August 2020
Book asset in partnership firm
Dr.Machinery
Cr. Creditor
Dr. Vendor
Cr. Partner Capital
09 August 2020
Invoice raised in Partner Personal name and being used in business will create problem. Invoice needs to be raised to Business name and Address with all accompanying details like PAN, GST, CIN, Registered address etc to claim Input Tax Credit or Depreciation.
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