PROFIT ADJUSTMENT

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 December 2010 DEAR SIR
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.60,000/-
ON 31/01/10 THEY TRF FROM PROFIT RS.60,000/- TO CLOSE THE PAYABLE(OWNER) . 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.
P.P.C CO. MAKE ENTRY AS FOLLOWS
For Loan - Debit P&L - Credit Loan receivable from Owner Rs. 50,000
Q1. I WANT TO BOOK IN MY A/C ,OWNER NEED FROM P.P.C CO. 100,000/-
Q2,FROM THAT AMT I WANT TO CLOSE PAYABLE A/C.
PLEASE GIVE ME THE ENTRY.

PLEASE HELP ME.