Land purchased ?
This query is : Resolved
sudalaimani
(Querist)
01 October 2011
In partnership firm (3 Partners), lands were purchased in the name of one of the partner ( not mentioned firm name) but payments were made from the bank accounts of partnership firm. whether we can account the land in the partnership accounts? if no, how do we account the same.
Preety Parik
(Expert)
01 October 2011
If the land was purchased by the partner but the firm's funds were used, which are to be repaid to the firm, then debit the account of partner and credit the account of seller of land to whom payment has been made.
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