Cash purchase by partner
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 November 2011
Dear Friends, First of all I would like thank & appreciate you for the initiative of helping accounting enthusiasts learn more through your portal.
My Question:-
Background: - A partner (partnership firm) made a purchase of goods (for sale) from a vendor and made the payment through his personal bank account. These goods were sold by the company through the proper channel and the company has received the payment.
Query: - How should we treat this in tally?
Your guidance is deeply appreciated.
Regards,
Manoj
My Question:-
Background: - A partner (partnership firm) made a purchase of goods (for sale) from a vendor and made the payment through his personal bank account. These goods were sold by the company through the proper channel and the company has received the payment.
Query: - How should we treat this in tally?
Your guidance is deeply appreciated.
Regards,
Manoj
02 November 2011
Purchase A/c Dr.
To Mr (Partner's Name) A/c
(Being goods purchased by partner on behalf of the firm)
Bank A/c Dr.
To Sales
Mr. (Partner's Name) A/c Dr.
To Bank
(Being payment made for purchase)
To Mr (Partner's Name) A/c
(Being goods purchased by partner on behalf of the firm)
Bank A/c Dr.
To Sales
Mr. (Partner's Name) A/c Dr.
To Bank
(Being payment made for purchase)
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