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.

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.

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