Partnership firm expense from personal account?
This query is : Resolved
amber agrawal
(Querist)
18 September 2014
I have formed a partnership firm for.a particular business, but before opening firms current account for business transactions partners have made some transaction from their personal account for.the purpose of business? is it valid?
Khyati Parekh
(Expert)
18 September 2014
In my opinion Yes it is valid and will be treated as capital introduction by partners.
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