payment to sole propretorship from Firm
This query is : Resolved
17 March 2011
Dear Experts,
ours is a partnership firm having 4 partners and one of the partner has sole proprietorship business also what is my doubt is can the firm directly deposit cash in to the sole proprietorship partner account ifso what is the accounting entry for the same
It's very urgent sir
Thanks in advance
ours is a partnership firm having 4 partners and one of the partner has sole proprietorship business also what is my doubt is can the firm directly deposit cash in to the sole proprietorship partner account ifso what is the accounting entry for the same
It's very urgent sir
Thanks in advance
17 March 2011
Cash deposited should be treated as drawing of partner.
Partner's Drawing Account (Debit)
Cash Account (credit)
Partner's Drawing Account (Debit)
Cash Account (credit)
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