If I have a loan in individual capacity which now I m getting transferred to my partnership firm
what will be the accounting treatment in both the books?
thanks in anticipation
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Accounting treatment of individuals and partnership
Replies (2)
Quick Summary
Yes you can transfer the loan to partnership firm.
There may be a case, when a partner has given unsecured loan to his partnership firm and later on that partner is agreed to convert its loan to its capital. ... A single entry need to be posted by debiting the unsecured loan a/c and by crediting the partner capital account.
There may be a case, when a partner has given unsecured loan to his partnership firm and later on that partner is agreed to convert its loan to its capital. ... A single entry need to be posted by debiting the unsecured loan a/c and by crediting the partner capital account.
Please clear where mistake is done by the Accountant
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