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.and liabilty and assets introduced in firm. any law about introduction of liabilty by partners in firm
CA Nitin Wadhwani
(Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Taxation of crypto futures in India Fy 2026- 2027
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
