Interested to Buy Any Domain ? << Click Here >> for more details...
What Is The Entry Of Partners Loan & In Which Voucher
- 2 Answers
- 10849 Views
- I also Faced
- E-Mail Answers
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 |
Accounts Paybles & accounts Recivable are Real A/c , Personal or Nominal A/cs ?
Mutual Funds
what is Credit?
what is badts and its entries?
What is meaning of invoice?
What is Bank Reconciliation Statement? How to calliculate in tally erp9.0?
Hi all, can anybody help me with the mutual fund (AMC)accounting. I would like to know the accounting entries for subscriptions (premium/discount), redemptions (premium/discount), fund expenses, buying/selling securities by the fund and other fund management related accounting entries.
What is liabilities and what all does include in current liabilities?
What qualifications have you achieved?
Tell me what does the investment of personal assets by the owner will do?
i want to wearies heads under direct expenses and indirect expenses
What is difference between accounts and finance?
Audit 
