I have a questions regarding booking transaction.
what is I want to loan my company 10k
transaction will be recorded as follows
"CASH" 10k debit
"Payable to partner" 10K as credit.
So when I used company debit card for my personal use can I book this as a loan repayment?
which means I will have to Debit account " Payable to Partner and credit "Cash"
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I Think Drawing account Transaction will match for this option.
Drawing a/c Dr
To Bank
Hope it will work
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0 Answers Chartered Accountant,
What accounting Treatment we should do while we received Amount Rs 39200 After deducting Tds 800 From Invoice Amount 40000. Kindly also explain for deducting Tds should be booked under which Head of Tally.
Audit 
