Bank Account
This query is : Resolved
15 July 2020
SIR
A private ltd normally will have its bank account for its business operation. Suppose the director of company have other businesses, can he use the bank account of Private Ltd Company for other business operations?
If yes, whether the transactions of other business should first be accounted in the books of Pvt Ltd Company and then, journals to be passed with other units? OR they should directly be accounted?
thanks in adv
A private ltd normally will have its bank account for its business operation. Suppose the director of company have other businesses, can he use the bank account of Private Ltd Company for other business operations?
If yes, whether the transactions of other business should first be accounted in the books of Pvt Ltd Company and then, journals to be passed with other units? OR they should directly be accounted?
thanks in adv
09 August 2020
I think it is possible. But everything needs to be reported as "RELATED PARTY TRANSACTIONS" with full transparency.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Withdrawal in cash from partners capital account by partner
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Putting a heading on received mail
- Section 50-fixed asset-->building ceases to exist
- TDS on TRUST
- Regarding Applicability of Tax Audit u/s 44AB
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
