What Is The Entry Of Partners Loan & In Which Voucher
Answers were Sorted based on User's Feedback
Answer / syed iliyas
As per the business entity concept of accounting person and
business was treated seperately and thus the loan raised by
partner or by the other party was treated as loan recieved
from the third party and it was entered as usual by cash
voucher (if revieved by cash and bank voucher if recieved
by cheque)by debiting the cash/bank account and crediting
the person(who raised loan) and finally it was taken into
balance sheet under current liabilities.
Is This Answer Correct ? | 3 Yes | 1 No |
Answer / shanmukha srinivas sega
a partner is not a third person to business entity. When ever a loan is received from a partner, either in kind or cash the concerned asset a/c must be debited and patners loan account should be credited. It should be posted under the head Loans and Advances. If the loan is for a short period, i.e for i yr or less than 1 yr then we can classify under Current liabilities.
Is This Answer Correct ? | 0 Yes | 1 No |
how to pass year ending entries for VAT treatment?
If the financial year is Jan till Dec then would we make any entry for the telephone bill of Dec, whose invoice/bill would generate in Jan of next year. If yes what would be the amount as bill is still not received and what would be the adjusting entereis. Also how to rectify the same in next year?
When the closing stock will be reflected in trial balance & at what value
what is difference between bill and invoice
Are all employess of Embassies and World Bank in India are exempt form paying service tax for personal and offical use of the services or only Dimplomats in case of Embassies and Selected emplyoees of World Bank are exempt from payeing Service Tax for personal/offical use
accounting principles, accounting concepts,meaning of managment and financial accounting and cost accounting.
Explain the Accounting Equation?
what is asset and what is liability ? why in B/S both will tally at the of the accounting yr or financial yr as the case may be ?
Explain in simple terms what is the difference between asset, equity, and liabilities?
When will the cash Book have a Credit Balance?
When we purchase Some goods Like ( Machinery's) we want to generate way bill ? Kindly Clarify .... Because recently we are purchased medical Equipment for our hospital use but vendor asking Waybill...Shall i give waybill or not Please let me know..?
Tell me what is tally accounting?