Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Introduction of inventory as capital of a partner

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2013 Please clarify the following:

If a partner in a partnership firm introduces items of Inventory as Capital, then how the same should be accounted in Tally (so as to give effect of inventory)?

Ex. If a partner brings in his personal gold as a capital in partnership firm which is into the Jewellery business, then how the same should be accounted in Tally + Inventory Master?

Rupesh Jain

Rupesh Jain (Expert)
Follow

31 July 2013 purchases a/c dr
To partner capital a/c (with value of stock) CR.

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2013 Thank you for your reply. However, if we pass it through Purchases, will there be any problem from VAT perspective, If its value crosses above Rs. 5 Lakhs. And my client has not registered under VAT till now.

In addition to above, Purchases A/c Dr. to Partner's Capital A/c --- This entry cannot be done in Tally. You can check it out.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now