Fuel Expenses

Jigar (B.Com) (153 Points)

19 June 2021

If we dont show any Assets in balance sheet but we claim fuel expenses in p&l a.c. is it correct??

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4 Replies

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 19 June 2021

You can claim if it allowed and besides the company need not own a car, it can rent a car or borrow a car

1 Like

CMA Poornima Madhava (CMA) (13112 Points)
Replied 19 June 2021

Yes, you may claim if it is related to business.

2 Like

CA Altamush Zafar (GST Consultant) (15971 Points)
Replied 19 June 2021

You can enter in p&l account if it relates to business

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CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 20 June 2021

Yes you can claim fuel expenses in p/l a/c as it is an indirect expenses without showing assets in balance sheet

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