Negavite capital balance in partnership firm account
This query is : Resolved
11 August 2016
While preparing balacesheet of Partner(Indiviual), where to show negative capital balance in partnership firm.
1. To be shown as Negative balance under Capital Account, or
2. Negative balance to be debited in partner capital account.
Pls guide on this query.
1. To be shown as Negative balance under Capital Account, or
2. Negative balance to be debited in partner capital account.
Pls guide on this query.
11 August 2016
show it under liability....capital account.....the amount should be with negative sign
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11 August 2016
You mean investment made in partneship firm account should be debited to partner personal account right.
11 August 2016
In firm's books
It will be show under liability...... capital account...with -ve sign
In individual's books
Show it under liability.....payable to firm
It will be show under liability...... capital account...with -ve sign
In individual's books
Show it under liability.....payable to firm
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11 August 2016
you are most welcome.
12 August 2016
One last query Amolji,
In individual books, payable to Firm balance will goes under current liability or in Capital account or in other Head???
In individual books, payable to Firm balance will goes under current liability or in Capital account or in other Head???
13 August 2016
you can show it under current liability, if you are sure of paying it in current year.
If you are not going to pay it in current year, better show it under unsecured loan
If you are not going to pay it in current year, better show it under unsecured loan
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