A partner ship firm purchase of property registered in partner name and property amount pay through partner ship firm bank account.
question:
above transaction treatment Books firm and partner in it act.
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Property name partner name amount pay firm
Replies (3)
You may adjust in Partners current account
Partner Current Account Dr
To Bank
If power of attorney is taken from partner then you consider it as loan or even you can bring the asset to partnership firm using documentation
Partner Current Account Dr
To Bank
If power of attorney is taken from partner then you consider it as loan or even you can bring the asset to partnership firm using documentation
Why are not purchase that in firms name, if it's used for firms business.
You can also consider as loan & bring the asset to books by adjusting loan ..
Even you may adjust in Partner current account
Even you may adjust in Partner current account
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