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.
Menu
Accounting entry for partnership firm
Replies (4)
2. in firm books
asset dr
to partner a/c
asset dr
to partner a/c
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
kindly tell me the group classification also please.....
agreed with above entries
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
