Accounting treatements in Joint Bank A/c how?
This query is : Resolved
17 February 2009
I am having a practical Question that if any person (A) having a joint bank A/c with his wife (B).
(A) is husband and
(B) is wife
If A doing a business and all his business related entries was come in his joint bank A/c,
and
B receive one chaque from her friend amounted Rs. 4,30,000 in her joint A/c and she (B) paid that amount to purchase a house property. The house property was on her name.
My Question is how should i entered in to Mr A's A/c. Mrs. B's accounts was not being written, because she haven't need for it.
(A) is husband and
(B) is wife
If A doing a business and all his business related entries was come in his joint bank A/c,
and
B receive one chaque from her friend amounted Rs. 4,30,000 in her joint A/c and she (B) paid that amount to purchase a house property. The house property was on her name.
My Question is how should i entered in to Mr A's A/c. Mrs. B's accounts was not being written, because she haven't need for it.
CA Nitin Wadhwani
(Expert)
18 February 2009
First of all,
for business purpose current a/c is to be opened which cannot be opened in joint name unless in case of a partnership firm.
for business purpose current a/c is to be opened which cannot be opened in joint name unless in case of a partnership firm.
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CA Sanjeev Kr Jain
(Expert)
18 February 2009
open an account in the name of B and transfer releting to her in this account
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