PARTNER'S CAPITAL IN TALLY
This query is : Resolved
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
WHETHER IT COMES TO CURRENT ASSETS DIRECTLY OR I HAVE TO MAKE ANY JOURNAL ENTRY FOR THIS?
PLEASE GUIDE ME
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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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/
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/
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
Reflect Closing Balance as on 31.03.2021 in Individual Balance Sheet
28 August 2021
OK. THANK YOU VERY MUCH
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