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Accounting entry

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 March 2012 I have only 2 queries

1, 4 Partners A,B,C,D creates a partnership firm after 1 months there are some purchases which will be paid to sundry creditors but partner B says i will pay to all creditors so how to do entry of it ?

2, partner D want to retired from partnership firm after 1 year. after calculation of capital, partner A decided to pay to partner D all his capital in this case how to do entry in account of partnership firm ?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
28 March 2012 1. Purchases A/c Dr
To Creditors

Creditors A/c Dr
To B's Capital A/c

2. D's Capital A/c Dr.
To A's Capital A/c
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