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)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Rent lease agreement
- Merchant Export Accounting
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
