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What is mean by Partner's Loan …

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What is mean by Partner's Loan Account?

Posted by Gandhirajan K 7 years ago

CBSE > Class 12 > Accountancy

1 answers

Naveen Shukla 6 years, 8 months ago

Partner's Loan Account

A loan is not part of the partner’s capital, and the loan is treated is the same way as a loan from a third party. The liability of the partnership will be recorded by the creation of a liability, resulting in a credit balance for the amount of the loan. The debit entry will depend on how the loan was made. If the partner deposited cash in the bank account, the debit entry will be in the bank account. If the loan was created by converting a proportion of the partner’s capital into a loan, the debit entry will be in the capital account.

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