Accounts proble

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sanju (Querist)
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04 January 2013 Sir,

I am a accountant of a pertnership firm , this year we have open one new shop as rent basis from previous shop user, previous shop owner take rs. 25 lakh as this shop,

please tell me how i can post this 25 lakh on account.

Amol S Joglekar

Amol S Joglekar (Expert)
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04 January 2013 Sorry. could not get you. 25 lakh is what? Deposit or Advance rent? Please clarify.

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sanju

sanju (Querist)
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04 January 2013 Sir

we given secqurity to land lord 10 lakhs and 25 lakh given to shop keeper as goodwill including furniture & fixture by cheque , we have change the title and now run by us.

Please confirm whethere we get it it benifit of 25 lakh and under which had it will go.

Amol S Joglekar

Amol S Joglekar (Expert)
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05 January 2013 10 lakh shall stand as DEPOSIT.
25 lakh shall go to fixed asset. (If break up is available, debit the amount break wise.) Depreciation can be charged on this.

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sanju

sanju (Querist)
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05 January 2013 Sir,

Can i take Rs. 25 lakh as expenses , reason there are 4 partners in a firm but only 1 partner invest capital and appoint a 3 partners for run the business and profit give to 25% each , if they leave the firm 1 or 2 years later than only 1 partners bear losses 25 lakh alone if shop are not resale with same or high price . because 3 ares not invest any amount as capital, than from whome we collect money @625000/=each partners.

so , please give me soluation about 25 lakh.

Amol S Joglekar

Amol S Joglekar (Expert)
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05 January 2013 Please do not debit to expenses. Debit fixed asset and credit the capital account of the one who has invested the money.

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