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What Is The Entry Of Partners Loan & In Which Voucher
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Answer Posted / 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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