business is going on in partnership but some money withdraw from the bank by partners relatives
how to show that transaction it should not shown as loan
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how to show the transaction in the books
Replies (1)
You can show such amount withdrawn as drawings made by partner.. It can be done by passing entry:-
Partner capital/current A/c Dr.
To Bank A/c
I have assumed that partners(or their relatives) have drawing power from partnership business... Practically you will have to see partnership deed for drawing powers of partner... If they dnt have drawing power treat it as loan given...
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