Payment of flat (accounting entry)
Querist : Anonymous
In proprietary concern firm. Proprietor has made the payment of 1760000 lakh for flat from firm current account. However proprietor credit capital is 546000 if I do debit 1760000 lakh in capital account than capital account become in minus.
Pls tell me where to show this flat amount in books,
Thanks
Anuraag
Querist : Anonymous
If I do so even after trf of profit capital account will not be credit because firm will not have profit equivalent to debit capital,
Pls suggest
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