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accounts258
Level 1

What is the journal entry when partner's Personal loan is paid by the partnership firm

 
1 Comment 1
svaishnavi
Moderator

What is the journal entry when partner's Personal loan is paid by the partnership firm

Hello,

 

You can debit an account that indicates "receivable from partner" and credit the firm's bank account.

 

Also, please run this by your CA first. 

 

I hope this helps.