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Amount transferred

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Rajat Sharma

Accountant

647 Points Posted on 08 September 2023

Sir with due respect I want to know that I am the sole proprietorship of the firm m/s Abc and partner of the firm M/s Def my query is that in the firm where is I am sole prop I have cash in hand for Rs 30.00 and where is I am partner the said firm is in need of cash Sir can I Tfd. this amount th my capital account in cash to my capital account where is I am partner.Thanking you

Replies (5)

Eswar Reddy S

CFO- at NHTF

58280 Points Posted on 09 September 2023

Capital account can't be affected . You may transfer to current account

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 09 September 2023

Yes,
If You will give amount to partnership then its will account in Your capital account except any payables between Sole Prop and Partnership

Rajat Sharma

Accountant

647 Points Posted on 10 September 2023

sorry sir the assessee where he is sole prop is in need of cash and want to take the cash from his capital account from where he is partner.

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 10 September 2023

Yes, You can take.
But, Check out the deed about the capital amount can be withdraw or Not...

May be in partnership You maintain Capital account as "Capital Account* & Current Account**" then You can withdraw/Pay from the Current Account...

* We don't make any Transactions
** We can transact through this account...

Eswar Reddy S

CFO- at NHTF

58280 Points Posted on 11 September 2023

You must not effect capital account since you may need to amend the partnership deed to change the capital account.

All credits and debits should be routed through partners current account