31 January 2009
It seems that the vehicle is owned by the partner in his individual capacity for personal use. If so, then the amount of insurance paid from the firm's bank account is the withdrawl out of capital with the firm and is debitable to the said capital account as his withdrawl.
31 January 2009
It seems that the vehicle is owned by the partner in his individual capacity for personal use. If so, then the amount of insurance paid from the firm's bank account is the withdrawl out of capital with the firm and is debitable to the said capital account as his withdrawl.
CAclubindia
