HI
CAN SOMEONE HELP ME WHITH THE JOURNAL ENTRY
PARTNER PAID BY CHEQUE TO SUPPLER AS ADVANCE MONEY FROM HIS PARTNER SUBSIDERY COMPANY
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SUPPLIER PAYMNET BY PARTNER JOURNAL ENTRY
Replies (3)
Quick Summary
Pass entry as follows
Advance to Supplier A/c Dr
To Subsidiary Company A/c Cr
( Advance to supplier from subsidari)
Subsidiary company under Sundry Creditors
when paid back to S.company
Subsidiary Company A/c Dr
To Bank A/c Cr
( return back to S.company )
Advance to Supplier A/c Dr
To Subsidiary Company A/c Cr
( Advance to supplier from subsidari)
Subsidiary company under Sundry Creditors
when paid back to S.company
Subsidiary Company A/c Dr
To Bank A/c Cr
( return back to S.company )
A partner paying a supplier advance from personal funds:
• Entry in the firm's books: Dr Supplier (Advance to supplier), Cr Partner's Capital/Current Account (the partner contributed by paying on the firm's behalf).
• When goods are received: Dr Purchases, Cr Supplier (adjusting the advance).
• It's a capital introduction (or loan) by the partner. Interest on capital may apply per the deed.
A partner paying a supplier advance from personal funds:
• Entry in the firm's books: Dr Supplier (Advance to supplier), Cr Partner's Capital/Current Account (the partner contributed by paying on the firm's behalf).
• When goods are received: Dr Purchases, Cr Supplier (adjusting the advance).
• It's a capital introduction (or loan) by the partner. Interest on capital may apply per the deed.
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