How to Journalise entry for asset purchased by personal credit card of a partner

how to Journalise entry for asset purchased by personal credit card of a partner?

 

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Quick Summary
This discussion explains how to correctly journalise an asset purchase when a partner uses their personal credit card. The entry involves debiting the asset account and input GST, while crediting the vendor. Crucially, the partner's capital account is credited to reflect the contribution.

Purchase asset a/c dr
to Partner a/c
DR Asset
DR Input GST
CR Vendor


DR Vendor
CR Partner Capital Account

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