fixdeposit

This query is : Resolved

survesh (Querist)
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28 January 2009 hi friends

please say me if a partner ship firm has given bank gurantee and against the bank guarntee the have kept fd as security.

Recd.amt as advance 300000.00
parnter has withdrawn the money and made fd 150000+150000=300000.00 not no firm name but on their name
please say me what entry should be passed in the partnership firm books

regards

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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28 January 2009 Once they have withdrawn money from business it is treated as capital withdrawn from business.

Capital Account
To Bank

For fixed deposit made in bank in their personal names, it will not appear in books of the firm.