MY CLIENT IS A PARTNER IN TWO BUSINESS CONCERNS AND HE IS A SOLE PROPRIETOR IN ANOTHER ONE CONCERN.MY QUERY IS HOW TO SHOW HIS CAPITAL ACCOUNT BALANCE IN WHICH HE IS A PARTNER IN BALANCE SHEET? WHETHER IT COMES TO CURRENT ASSETS DIRECTLY OR I HAVE TO MAKE ANY JOURNAL ENTRY FOR THIS? PLEASE GUIDE ME
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CAPITAL ACCOUNT IN TALLY
Replies (3)
You have to create a ledger on their name defining the nature of the transaction eg. creditor/ owner etc
Create ledger of capital account
There's no requirement to show capital account balance of partnership firm in his proprietary business. Both are separate entities under Income tax act.
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