Mr. Ashok Gupta is a Karta of a HUF Firm, ABC Trading Co.
He purchased a vehicle in his name but the payment was done through the bank of the firm
Can it be shown as Fixed Assets of the firm?
4 Replies
AJAY KUMAR
(C.A)
(25 Points)
Replied 12 February 2016
YES MR. ASHOK SHOWN vehicle IN FIXED ASSETS.IF FIRM IS PROPRITORSHIP
Meet Nahata
(Articleship)
(99 Points)
Replied 15 March 2016
Yes, because he is represenring that particular enterprise/ HUF.
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