Shraddha Sinari (70 Points)
24 February 2020Partner 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?
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 24 February 2020
(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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