journal entries regarding partnership
This query is : Resolved
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.and liabilty and assets introduced in firm. any law about introduction of liabilty by partners in firm
23 February 2009
Yes.
A partner can also bring a liability in a firm.
But, since the loan is taken in partner's name, the liability and the asset will be of the partner.
Following entry can be passed
Bldg A/c.........Dr
To Partner's Capital A/c.
A partner can also bring a liability in a firm.
But, since the loan is taken in partner's name, the liability and the asset will be of the partner.
Following entry can be passed
Bldg A/c.........Dr
To Partner's Capital A/c.
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