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Fixed assets purchase invoice

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(Querist)
25 June 2014 If the name of the co is X & Sons Pvt Ltd and the bills for assets purchased are only in favour of X or X jewellers , will that be a problem? From an audit point of view is this point material?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
25 June 2014 Yes it will be a problem. Asset should be in the name of owner. It is a very vital point.

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