vinayak c. chavan (CPT passed) (1011 Points)
09 August 2012How can I account for Iphone purchased by Directior of private limited company for his personal use in companies accounts? Payment for Iphone has been made by director from his persoanl account. Can I show it as Fixed Asset in company books?
Vineet
(Assistant Manager)
(140 Points)
Replied 18 August 2012
hello you can show it as office equipment under fixed asset provided you have some company policies regarding the purchase of mobile phone.
even if it paid from his personal account same can be capitalized , he can claim the amount from the company through reimbursement..
sunita rana
(no)
(100 Points)
Replied 18 August 2012
first of all check whether this amount is reimbursed by the company or not .if not so it will not treated as fixed asset of company
CAclubindia
