PARTNER'S CAPITAL IN TALLY

This query is : Resolved

PANDIAN BRIGHT (Querist)
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28 August 2021 MY CLIENT IS A PARTNER IN TWO BUSINESS CONCERNS AND HE IS A SOLE PROPRIETOR IN ANOTHER ONE CONCERN.MY QUERY IS HOW TO SHOW HIS CAPITAL ACCOUNT BALANCE IN WHICH HE IS A PARTNER IN BALANCE SHEET?
WHETHER IT COMES TO CURRENT ASSETS DIRECTLY OR I HAVE TO MAKE ANY JOURNAL ENTRY FOR THIS?
PLEASE GUIDE ME

ROHIT JAIN

ROHIT JAIN (Expert)
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28 August 2021 In Branch and Division section Show it as " Investment in Partnership Firm 1" , " Investment in Partnership Firm 2" and " Investment in Proprietorship Firm 1"

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PANDIAN BRIGHT

PANDIAN BRIGHT (Querist)
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28 August 2021 THANK YOU FOR YOUR RESPONSE.
MAY I SHOW THE ENTIRE CLOSING BALANCE OR I HAVE TO MAKE ANY JOURNAL ENTRIES?
BECAUSE HE WITHDREW SOME CASH FRO BOTH THE PARTNERSHIP FIRMS/

ROHIT JAIN

ROHIT JAIN (Expert)
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28 August 2021 Closing Balance of Capital Account = Opening Balance + Additions in cash or through bank + Profit of Current Year(if any) - Withdrawns in cash or through bank - Loss of Current year(if any).

Reflect Closing Balance as on 31.03.2021 in Individual Balance Sheet

PANDIAN BRIGHT

PANDIAN BRIGHT (Querist)
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28 August 2021 OK. THANK YOU VERY MUCH

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