journal entries regarding partnership
This query is : Resolved
dhawal shah
(Querist)
22 February 2009
A partner has taken loan to buy assets(building)& introduced in firm . what entry in books of firm , for repayment of loan by partner.
C A GROUP COACHING
(Expert)
22 February 2009
ASSETS A/C DR
TO PARTNER A/C
TO PARTNER A/C
CA.Tarun Maheshwari
(Expert)
23 February 2009
No entry shall appear in the books of FIRM for repayment of loan taken by the partner. This shall be treated as capital introduced by the partner. Loan repayment should be made In the books of Partner only.
CA Nitin Wadhwani
(Expert)
17 March 2009
I Agree with mr.Tarun.
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