Introduction of inventory as capital of a partner

This query is : Resolved

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

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Rubal Singhal

Ravi Varshney

Shivchandra Jakhotia

DHANASHRI KARMARKAR

Sneh Choraria

Subscribe Now

Introduction of inventory as capital of a partner

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

GST CONSULTANT

Accountant

CA Final

Senior Executive

Manager- Finance and Compliance