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Partner's personal vehicle used for business use

vinitha prasannan (18 Points)

29 November 2021

How to treat when partner's personal vehicle used for business use.? & how to reimburse expense to the partner?

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prasad Nilugal ( GST Practitioner & Accounts ) (14805 Points)
Replied 29 November 2021

In the books of Firm

Vehicle Expenses A/c Dr
To Partner A/c Cr
( Vehicle expenses paid by partner )

When Firm reimburse expenses to partner

Partner A/c Dr
To Bank A/c Cr
( reimbursement of expenses to partner)

Show partner A/c under Current Liability , Balance sheet .

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prasad Nilugal ( GST Practitioner & Accounts ) (14805 Points)
Replied 29 November 2021

Correct me if I am wrong

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