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Journal entry
Mr. Raj is working as a partner in a partnership firm.
He had issued Rs.60,000 as loan to its firm.
Q. What will be its Journal Entry?
Q. Will there any effect on its Capital (Raj) A/c.?
Q. Any other point!!!
Replies (2)
Hello,
The entry for introducing a loan in partnership firm will be,
Bank Dr.
TO Partner's Loan
If the partner wishes then he can even use the amount introduced as Increase in capital instead of loan.
At that time entry will be :
Bank dr.
to Capital
The entry will be
Bank Dr.
To Partner's Loan ( Unsecured Loan)
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