a partnership firm different unsecured loans value rs:10 lacs outstanding opening balance as per books.if one of partner total unsecured loans transfer from a partnership firm to partner capital account.
question:
1.how to passed accounting entries in both Assess books.
2.above mentioned transactions allowed in I.t act.
When unsecured loan tfd to partners capital account
Unsecured Loan A/c Dr.
To Partners Capital A/c
Yes, allowed
No restrictions
CAclubindia
