a partnership firm unsecured loans outstanding balance as per books name Mr .A Rs:1 lacs and name Mr.B Rs:1 lacs in partnership firm show.but Mr.A Rs:1 lacs and Mr B Rs:1 lacs advance income tax paid through on partnership firm bank account paid.
question:
how to account entries passed in unsecured loans written off adjustment entries in partnership firm books.
Unsecured loan Mr A Dr. 1 Lacs
unsec loan Me B Dr. 1 Lacs
to advance tax paid credit 2 Lacs
(to record adjustment of unsecured loan of partners against advance tax paid on behalf partners)
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