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Accounting of personal vehicles

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(Querist)
04 January 2017 How the value of the personal vehicle of the partner exclusively used by the firm shall be accounted in the firm books?
No cost is incurred to firm for its acquisition.only fuel charges & repairs are met by firm.
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Ruchi

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Ruchi (Expert)
05 January 2017 You dont need to show the vehicle in the books. Just show the expenses incurred under respective heads.

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