Accounting entry

This query is : Resolved

survesh (Querist)
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16 April 2010 My firm is a partnership firm.the partners of the firm take salary and also withdraw amount in the way of Credit Card Expenses & Transferd to saving ac.while finalisation their capital is debit bal.

While filing their personal Income tax return can I prepair their Personal Ac Can i Pass all Dr. to their Presonal Expenses & Credit Firm ac.

Eg: Credit Card:(Shopping Done)
Drawings Dr
Firm Cr
is it right way of accounting.

The partners have purchased car,made some fds,Mutual funds. This should be shown in their personal ac the purchas are in their Individual name.

Please guild me so that i can maintain their Personal Ac in Tally or should not maintain

Regards

CA Kapil B Gupta

CA Kapil B Gupta (Expert)
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16 April 2010 In partnership firm, Capital accounts of all the partners are opened seprately in Tally. Any drawing by the partners should be debited to capital account and credited to Cash or bank or goods in kind if any.

You should maintain partner's capital account seprately in tally.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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16 April 2010 Agreed with MR. Kapil.
Separte Capital A/c is to be maintianed by name of partner. Drawings are to be debited captial account partner wise.

shakuntala chhangani

shakuntala chhangani (Expert)
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17 April 2010 U can also pass the following entry :
E.g A's drawings A/c Dr. XX
To Bank A/c XX
at the year end, drawing A/c will be transferred to partner's capital A/c as :
A's Capital A/c Dr. XX
To A's Drawing A/c XX
Regards, CA Shakuntala Chhangani

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