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What Is The Entry Of Partners Loan & In Which Voucher
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Answer Posted / 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.
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The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
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