11 August 2009
An individual is running a firm, he needs cash,to deposit in bank againt loan,he took 84000 cash from sarof(financer) and gave him post dated a/c payee cheque of firm name. how to display this entry in firm books?
12 August 2009
Treat it as loan from Sarof( financer)in firm's book. issue him post dated cheques from firm. Rs. 84000 treat as Drawing of the partner from the firms.
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