Entry in tally- personal bank used for loan repayment
This query is : Resolved
18 September 2018
sir,
Proprietor has one bank account in the name of his business. He take 2 loans- one for purchasing Car and another for Business purpose. But repayment of both loans is done through his "personal bank account".Proprietor likes to include both loans and relative assets in books of account. My doubt is about the accounting of Personal bank account. It includes deposits from relatives,household expenses etc which are personal only. But repayment of loan and respective interest should be included in Financial Statement of Business. How I will properly account this by eliminating all Personal transactions from Personal Bank account....? Kindly help me
Proprietor has one bank account in the name of his business. He take 2 loans- one for purchasing Car and another for Business purpose. But repayment of both loans is done through his "personal bank account".Proprietor likes to include both loans and relative assets in books of account. My doubt is about the accounting of Personal bank account. It includes deposits from relatives,household expenses etc which are personal only. But repayment of loan and respective interest should be included in Financial Statement of Business. How I will properly account this by eliminating all Personal transactions from Personal Bank account....? Kindly help me
18 September 2018
Pass such entries in capital account as withdrawal and deposit.
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