Partner's personal accounting


Donati (Self occupation)     08 March 2017

Donati
Self occupation 
 15 points

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What is the journal entry for Amount Transfered by Partner to Partnership Firm a/c... Will it be under Capital a/c or Indirect Expenses?


(Guest)

Cash A/c or Bank A/c  Dr.

     To Partner's Caapital A/c (if No Fixed capital is maintained) or

     To Partner's Current A/c

avater

Donati (Self occupation)     10 March 2017

Donati
Self occupation 
 15 points

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Hi Samir,

Thanks for replying. 

Sorry, I did not state this earlier, this is for an Individual Partner's Accounting (Personal) and not Firm's accounting. The Partner files ITR4 and his accounting is done separately. I found this answer on the internet...

Capital With Firm a/c (Ledger under Investments Group)
To Bank

Please let me know if this is correct.

Thanks & Regards.

 

avater

Niraj Kumar Sinha (Sr. Officer, SPSIL)     11 March 2017

Niraj Kumar Sinha
Sr. Officer SPSIL 
 25 likes  648 points

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Dr. To Caapital A/c (if No Fixed capital is maintained) or
To Partner's Current A/c
 
                         Cr. Cash A/c or Bank A/c

 


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