Dear Sir,
Now i am working in a Lab. there are three patner invest own monery each 50lakh, what is the entry will make first, no cah balnce ,but they paid large amount to party as petty cash , but what are the entry will pass in tally
Your question is not clear first u say 3 partners bought capital of 50 lakhs each for that entry is cash a/c debit partners capital a/c credit after passing this entry there will be 150 lakhs cash balance in firm then u can pass ur petty cash expense entry
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