Fixed assets

This query is : Resolved

Nevil (Querist)
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31 August 2011 if life insurance paid by partnership firm in favor of partner what will be account entry in books of firm and what will be account entry in partners personal books of account??????

Thanks in advance

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2011 if A company not have own fixed assets. and he use the fixed assets of own group companies. then they can share depreciation or Not?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 September 2011 LIC payment for partners, need to be debited in partners drawings account

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CS Bijoy

CS Bijoy (Expert)
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01 September 2011 Agreed with...

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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02 September 2011 depreciation can be claimed owner of the assets, so cannot be shared with group companies

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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20 September 2011 Books of Firm

Drawings A/C Dr.
To Bank

Books of Partner

LIP Dr.
To Drawings (Income)

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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20 September 2011 Books of Firm

Drawings A/C Dr.
To Bank
(lic paid by firm)

Capital a/c Dr.
To Drawings A/C
(Transfer entry)

Books of Partner

LIC premium a/c Dr.
To investment in firm a/c
(premium paid by form)