Dear CA Club Friends
Please guide me how to post an entry in tally in our account books , when our supplier has waived our debt in his account .
problem 2: how to post an entry when profit is taken by partner of a trading company and when one partner leaves the company?
I hope you will answer my quiestion.
Regards
Rahaman Khan
You will need to credit Discount Received Account & debit supplier account..
When profit is transferred to partners capital account. Debit P&L Appropriation A/c & Credit Partner's capital account.
Creditors waiver.
Party Name A/c Dr
To Liabilities written Back A/c (Income)
Profit drawings
P&L appropriation A/c Dr
To Retiring Partners Capital A/c
Instead of liability written back, discount received is appropriate account.
CAclubindia
