fixdeposit
This query is : Resolved
28 January 2009
hi friends
please say me if a partner ship firm has given bank gurantee and against the bank guarntee the have kept fd as security.
Recd.amt as advance 300000.00
parnter has withdrawn the money and made fd 150000+150000=300000.00 not no firm name but on their name
please say me what entry should be passed in the partnership firm books
regards
please say me if a partner ship firm has given bank gurantee and against the bank guarntee the have kept fd as security.
Recd.amt as advance 300000.00
parnter has withdrawn the money and made fd 150000+150000=300000.00 not no firm name but on their name
please say me what entry should be passed in the partnership firm books
regards
CA. B.SRINIVASULU
(Expert)
28 January 2009
Once they have withdrawn money from business it is treated as capital withdrawn from business.
Capital Account
To Bank
For fixed deposit made in bank in their personal names, it will not appear in books of the firm.
Capital Account
To Bank
For fixed deposit made in bank in their personal names, it will not appear in books of the firm.
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