Doubt
This query is : Resolved
27 July 2010
Mr X is a partner in XY and Co. Mr X pays electricity bill of the firm. The entry in the books of the firm will be
Electricity Exps. A/c Dr
To Bank A/c
What will be the entry in his own books of Accounts for the above transaction?
Electricity Exps. A/c Dr
To Bank A/c
What will be the entry in his own books of Accounts for the above transaction?
CA. Pradeep Nayak
(Expert)
27 July 2010
If electricity bill is apid by the partner, the entry in the books of the firm will be :
Electricity Exp. A/c Dr.
To Partners (Mr.X's) A/c
Entry in partners book :
XY and Co. A/c Dr.
To Bank A/c.
Electricity Exp. A/c Dr.
To Partners (Mr.X's) A/c
Entry in partners book :
XY and Co. A/c Dr.
To Bank A/c.
28 July 2010
agreed, because Electricity exp is of the Firm & not Mr X. Similarily payment is not made by the firm but by Mr X.
So, exp will be booked in firm's books crediting capital/ current a/c of partner. And payment will be shown in individual's books as pymt twrds invt/ share in firm
So, exp will be booked in firm's books crediting capital/ current a/c of partner. And payment will be shown in individual's books as pymt twrds invt/ share in firm
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