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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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