contribution to capital account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2010
Partners on starting a firm, instead of depositing cash to office account, spent money themselves for office exps. Now while writing account, are we to mention that they have deposited cash or can we credit expenditre and debit, partners capital account directly. In this way, we can reduce some entries. Kindly guide.
01 July 2010
yes you can pass journal entry debiting expenditure acc and credit partners capital account
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 July 2010
can they also contributing to capital account by deposit cash of more than 20000 in capital account after withdrawing amount from their personal bank account
04 July 2010
yes, you can make capital contribution above rs.20,000/- it is not loan given to firm sec.269SS is not applicable
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