25 January 2018
Dear all any one clarification of my doubt please
Firm partner buying a new car booked name of the invoice partner name not firm name . My doubt is the car asset booked in firm account or not .because firm is paid to car loan this is write or wrong any one solution give me i am totally confused .he is tell no problem asset is booked in firm account my doubt is wrong because car invoice name is partner name.
26 January 2018
Assets purchased in Partner individual Name cannot be asset of the firm, even though payment is made by firm it can be considered as drawing.
CAclubindia
