entryfor tally
This query is : Resolved
12 January 2009
a person is partner & propriter of a firm and uses funds ofr the both from both bank ac how should it be accouted in
1)partnership
eg.cash recd from propriter
2)propritor
eg. cash drawn for partnership firm
1)partnership
eg.cash recd from propriter
2)propritor
eg. cash drawn for partnership firm
12 January 2009
If you are maintaining two separate company in Tally (Like for Prop. - X, for Partner ship - Y Firm).
Then you can create the following Account in Partenership firm - Loan Received from X (it comes under Liability - Loans). And in Prop. Loan Given to Y Firm (it comes under Asset - Loans and Advances)
Then you can create the following Account in Partenership firm - Loan Received from X (it comes under Liability - Loans). And in Prop. Loan Given to Y Firm (it comes under Asset - Loans and Advances)
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