Accounting entries passed for un secured loans
This query is : Resolved
19 November 2020
A partnership firm different unsecured loans received value Rs:20 lacs outstanding opening balance as per books.this total unsecured loans value rs:20 lacs transferred from a partnership firm to one of partner capital account.
Question:
How to passed accounting entries in a partnership firm and partner individual account.
Question:
How to passed accounting entries in a partnership firm and partner individual account.
27 December 2020
This will be a Drawings in the books of accounts. The Capital Account will get reduced by the loan amount.
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