what would be the accounting entry for the partner introduce capital in a firm and in his personal a/c (individual)?. in which head the same has to show respectively?.
2 Replies
CA Anand V Kabra
(Author Teacher Mentor)
(584 Points)
Replied 13 January 2017
In the Books of Firm:
for capital Indoduced:
- Cash A/c or Bank A/c Dr.
To Partner's Caapital A/c (if No Fixed capital is maintained) or
To Partner's Current A/c
For Loan given by partner:
- Cash A/c or Bank A/c Dr.
To Partner's Loan A/c (under Unsecured Loans)
In the books of Partner, show as investment (Capital Contribution) or Loans & Advances (any other Advances)
Praveen Kachhawa
(Financial Accountant)
(225 Points)
Replied 14 January 2017
In books of firm
Cash/Bank Dr.
To Partner Capital a/c
In Personal book of partner
investment At (Firm name )
To Bank/cash
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