DEAR SIR/MAM
Can a prop. buy car of value more than 50 lakh having turnover below 2 crore. Should he buy in a firm or individual capacity.
1 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 17 September 2017
in case of a proprietary business there's no distinction between the proprietor and the business. they are considered as one and same. he will buy from the business account and show it as an asset in his balance sheet
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