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Accounting entry for partnership firm


Aditya Sharma (finance advisory)     09 October 2018

Aditya Sharma
finance advisory 
 12 likes  372 points

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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.

avater

Akhil (Student CA )     09 October 2018

Akhil
Student CA  
 43 likes  737 points

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2. in firm books

asset dr
to partner a/c

1 Like
avater

Manish (CA)     09 October 2018

Manish
CA 
 214 likes  3539 points

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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

1 Like
avater

Aditya Sharma (finance advisory)     09 October 2018

Aditya Sharma
finance advisory 
 12 likes  372 points

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kindly tell me the group classification also please.....

avater

Bhanu (hyderabad)     10 October 2018

Bhanu
hyderabad 
 208 likes  1567 points

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agreed with above entries


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