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Fixed Asset (Laptops) reimbursement


Shraddha Sinari   24 February 2020

Shraddha Sinari

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Partner of an LLP paid for the 2 laptops (Fixed Assets). Due to financial difficulty, the LLP is not able to reimburse the partner. Can a partner give loan LLP and the same amount (Loan amount) LLP can use to reimburse the partner? 

What will be the accounting entry for this if this is possible? 

avater

Kumar Sushank (Asst. Manager - Accounts & Taxation)     24 February 2020

Kumar Sushank
Asst. Manager - Accounts & Taxation 
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(1) Laptop A/C (Under Fixed Assets) .............. Dr.

To Supplier A/C .......................................... Cr.

(At the time of Laptop Purchase)

(2) Supplier A/C ..................................... Dr.

To Partner Loan A/C (Under Unsecured Loans) ........ Cr.

(At the time of payment)

(3) Partner Loan A/C (Under Unsecured Loans) ........ Dr.

To Bank A/C ................................................................ Cr.

(At the time of reimburse of loan amount)


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