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Accounting

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(Querist)
03 October 2014 if we had purchased a property for 10 lac in partnership n 1 lac is paid by partner .so can show property of 10 lacs in our account n 1 lac as due to our partner. if we had intention to own it by paying the remaining amount to the partner in coming future. and registry is on the name of both. pls suggest accounting
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
03 October 2014 if you wish to show as joint property, then better only show Rs 9 lacs in your books. Nothing will be shown as payable to the partner.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
06 October 2014 can show it as loan given by partner to firm....
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