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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Accounting entry for partnership firm
Replies (4)
2. in firm books
asset dr
to partner a/c
asset dr
to partner a/c
kindly tell me the group classification also please.....
agreed with above entries
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