Hello, I am an individual and I am also a partner in some XYZ company. Its a very small company with 5-6 employees and 2 partners.
I am preparing my Individual account in tally.
I need help in entries in Tally for following:
1. Partner's Salary from XYZ Company which I have received partly.
Partly still pending with XYZ Company as I will not receive the amount but reinvest it.But in Balance Sheet I have to show this as investment. Dont know how to do it in Tally.
2. Share of Net Profit (10%) from XYZ Company. I have not received this amount from XYZ Company. I have re-invested it. Dont know how to do it in Tally.
3. IT Refund for XYZ Company. Equally distributed between partners. Same case here. I have not received this amount. I have reinvested but Ihave to show this as investment in Tally. Couldnt figure out how to do it.
4. Drawings from XYZ Company. Entries ??
Please help.
Regards
Shahid
CAclubindia
