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

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18 Points Posted on 20 May 2021

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

 

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On 20 May 2021 at 17:02 Report
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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.

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Chartered Accountant
24588 Points Posted on 20 May 2021
Purchase asset a/c dr
to Partner a/c
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On 20 May 2021 at 17:30
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Practising CA
8954 Points Posted on 20 May 2021
DR Asset
DR Input GST
CR Vendor


DR Vendor
CR Partner Capital Account
1 Reply
On 20 May 2021 at 18:30

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