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.
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How to passed accounting entries
Replies (3)
When unsecured loan tfd to partners capital account
Unsecured Loan A/c Dr.
To Partners Capital A/c
Yes, allowed
No restrictions
Unsecured Loan A/c Dr.
To Partners Capital A/c
Yes, allowed
No restrictions
How to passed accounting entries for partner individual account books.
Capital invested in Partnership Firm (Name) Dr.
To Unsecured Loan A/c
To Unsecured Loan A/c
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