Investment - partnership concern

Hello Hitesh,

Thank you so much for the reply.

Currenty I have 4 ledgers like this in Tally:

Share of Net Profit - Indirect Income
Renumeration from XYZ Company - Indirect Income
IT Refund - Capital
Drawings - Indirect Expenses

Is it ok?

Thanks for the help.

Hello Hitesh for some reason I was not able to make it work. An example would be very helpful as I am kind of new in accountancy.

Here are the ledgers which I am using:

Investment in XYZ - type Investment => opening balance 35000/-

ABC Bank - Type is Bank Account

IT Refund - Type Indirect Income => amt 400/-

Share of Net Profile from XYZ Company - Type Indirect Income => amt 5600/-

Salary from XYZ Company - Type Indirect Income => amt 45000/-

Drawings from XYZ Company - Type Indirect Expense => amt 10500/-

I got the salary for first 4 months -may, june, july aug in bank. Then I did not take any salary. Which means i did not get any  thing in cash or bank after receiving amount for the above four months. March end my balance amount was reinvested.

Do I have to use journal entry or receipt or payment?

Plz help.

Here is the information on the nature of group you need to choose:

1. Investment in XYZ: Under Investments
2. ABC Bank: Bank accounts
3. IT Refund: Capital account
4. Share of Profit: Capital account
5. Salary: Indirect Income
6. Drawings: Capital account

Hope this is helpful.

Thanks for the reply Poonam.

What entries do Ineed to debit and which entries to credit ? I have got salary partly in Cash and partly in by cheque.

Thanks once again.

Entries given by Hitesh are correct. You may follow the same. If you still need any clarification, do post your query

Thanks for the reply. I'll try once again with Hitesh's entry.