Accounts
This query is : Resolved
17 April 2010
Please say me for following:
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
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
17 April 2010
Maintaining personal accounts of partners is a right decision. the Journal entry mentioned is O.K. The value of car and the investments in mutual fund etc., should necessarily be included in the said books of accounts.
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