If a car is purchased for personal use, insurance & interest on car loan paid will be capiatlised or debited in capital a/c?
CA Anoop Kumar Sharma
(Accounts Manager)
(1905 Points)
Replied 23 July 2024
If car used for personal use than related that car insurance and interest on the car loan should be treated as drawings of the owner.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
