Non working partner

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59 Points Posted on 10 December 2020
non working partner purchase a car how to account this transaction because loan taken for car purchase and emi also deduct from firm bank account
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On 10 December 2020 at 16:16 Report
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This discussion addresses the accounting treatment for a car purchased by a non-working partner, where the loan and subsequent EMIs are handled through the firm's bank account. The recommended approach is to treat this as a drawing by the partner, debiting their 'Sleepin partners withdrawals a/c' and crediting the 'Bank a/c'.

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My grammar is 💯 good I
7306 Points Posted on 10 December 2020

Sleepin partners withdrawals a/c

To Bank a/c

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On 10 December 2020 at 18:49
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Accountant
3662 Points Posted on 10 December 2020
Treat Drawings by a partner
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On 10 December 2020 at 20:16

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