Accounting entry for partnership firm


Aditya Sharma (finance advisory)     09 October 2018

Aditya Sharma
finance advisory 
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Hello, a partner purchases an asset to be used by the partnership firm.

PAYMENT MADE IN CASH.

WHAT IS THE ACCOUNTING ENTRY NEED TO BE PASSED BOTH  1.) IN THE BOOKS OF PARTNER &  2.)IN THE BOOKS OF THE FIRM???

Thanks.

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Akhil (Student CA )     09 October 2018

Akhil
Student CA  
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2. in firm books

asset dr
to partner a/c

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Manish (CA)     09 October 2018

Manish
CA 
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In the books of partner:

Investment in partnership firm account Dr.

To Cash account

 

In the books of partnership firm:

Asset account Dr.

To Partner's capital account

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Aditya Sharma (finance advisory)     09 October 2018

Aditya Sharma
finance advisory 
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kindly tell me the group classification also please.....

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Bhanu (hyderabad)     10 October 2018

Bhanu
hyderabad 
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agreed with above entries


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