Property in the name of company (proprietorship)

295 views 1 replies
if properties ( villa) purchased in the name of company .. what ever monthly maintenance( electricity bill, water, miscellaneous expenses) paid to association



can we debit to profit and loss account.
or we need to debit proprietor capital account

note: property (villa) used completely for personal use.

what is the provision as per IT act..
Replies (1)
no you can not charge to p&l.
debit to prop.capital


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register