What is the journal entry for Amount Transfered by Partner to Partnership Firm a/c... Will it be under Capital a/c or Indirect Expenses?
3 Replies
Donati
(Self occupation)
(102 Points)
Replied 10 March 2017
Hi Samir,
Thanks for replying.
Sorry, I did not state this earlier, this is for an Individual Partner's Accounting (Personal) and not Firm's accounting. The Partner files ITR4 and his accounting is done separately. I found this answer on the internet...
Capital With Firm a/c (Ledger under Investments Group)
To Bank
Please let me know if this is correct.
Thanks & Regards.
Niraj Kumar Sinha
(Sr. Officer, SPSIL)
(648 Points)
Replied 11 March 2017
Dr. To Caapital A/c (if No Fixed capital is maintained) or
To Partner's Current A/c
Cr. Cash A/c or Bank A/c
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