Fixed assets
This query is : Resolved
31 August 2011
if life insurance paid by partnership firm in favor of partner what will be account entry in books of firm and what will be account entry in partners personal books of account??????
Thanks in advance
Thanks in advance
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 August 2011
if A company not have own fixed assets. and he use the fixed assets of own group companies. then they can share depreciation or Not?
01 September 2011
LIC payment for partners, need to be debited in partners drawings account
02 September 2011
depreciation can be claimed owner of the assets, so cannot be shared with group companies
20 September 2011
Books of Firm
Drawings A/C Dr.
To Bank
Books of Partner
LIP Dr.
To Drawings (Income)
Drawings A/C Dr.
To Bank
Books of Partner
LIP Dr.
To Drawings (Income)
20 September 2011
Books of Firm
Drawings A/C Dr.
To Bank
(lic paid by firm)
Capital a/c Dr.
To Drawings A/C
(Transfer entry)
Books of Partner
LIC premium a/c Dr.
To investment in firm a/c
(premium paid by form)
Drawings A/C Dr.
To Bank
(lic paid by firm)
Capital a/c Dr.
To Drawings A/C
(Transfer entry)
Books of Partner
LIC premium a/c Dr.
To investment in firm a/c
(premium paid by form)
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