PROFIT TRANSFER
Querist : Anonymous
MY OWNER HAVE DIFF COMPINES. FROM THAT ONE OF THE CO NAME CALLED P.P.C. ASPER THEIR B/S AS ON 31/12/09 SHOWING THAT MY OWNER HAVE PROFIT RS.100,000/- AND THE SAME TIME MY OWNER IS PAYABLE TO THAT CO RS.50,000/-
ON 31/01/10 THEY TRF FROM PROFIT RS.50,000/- TO CLOSE THE PAYABLE(OWNER) AND 10,000/- THEY TRF TO CAPITAL FOR INCREASING THE CAPITAL. NOW MY OWNER HAVE PROFIT RS.40,000/- ONLY ASPER THEIR A/C.
NOW I WANT TO POST THIS ENTRY IN MY A/C. I AM WORKING AS HIS PERSONAL ACCOUNTANT. PLEASE GIVE ME THE JOURNAL ENTRY AND THIS I WANT TO POST UNDER EQUITY HEAD OR NOT.
PLEASE HELP ME.
Transfer to Capital - Debit P&L Account - Credit Owner's Capital Rs. 10,000
You can also transfer 60,000 to Capital and then transfer 50,000 to loan and will have the same effect.
Querist : Anonymous
sir i am asking which entry i have to pass in my a/c. beacuse i am doing his personal a/c
he want to know at the end of the year how much profit he have from diff co.
Querist : Anonymous
HE HAVE FOUR LIMITED CO, AND ONE SOLE TRADING CO.
Querist : Anonymous
please give me the entry for the above problems because it is very urgent.
You can only transfer funds from limited to company to the owner (share holder) through dividend.
The above entry can only be passed in sole trading companies books.
Querist : Anonymous
IF IT IS SOLE TRADING CO .WHAT IS THE ENTRY I HAVE TO PASS IN MY A/C.(OWNER'S BOOKS)
Debit Investment in Firm (Capital). Credit Profit from Firm. Rs. 60,000
Debit Loan Payable to Firm. Credit Investment in the Firm (Capital) Rs. 50,000
Net effect existing loan due to Firm becomes zero. Investment in Firm (capital) increase by 10,000
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