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
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
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