Partnership journal entries
This query is : Resolved
15 February 2013
Wen ever in d qts it is said dat partner A is entitled to a salary of rs. 500 pm we pass d following entry :
P/l A/c dr
To A's capital A/c
but y not this :
A's A/c dr
To Salary A/c
P/l A/c dr
To A's capital A/c
but y not this :
A's A/c dr
To Salary A/c
15 February 2013
A's A/c dr
To Salary A/c
This entry is wrong. Salary is expenditure of the firm so it must be debited.so the entry should be:-
Salary A/c Dr.
To Cash/Bank
If salary is not withdrawn by partner then
Salary A/c Dr.
To A's Capital A/c.
To Salary A/c
This entry is wrong. Salary is expenditure of the firm so it must be debited.so the entry should be:-
Salary A/c Dr.
To Cash/Bank
If salary is not withdrawn by partner then
Salary A/c Dr.
To A's Capital A/c.
Message likes :
1 times
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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
