Bank Account

This query is : Resolved

sankar ponnan (Querist)
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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

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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09 August 2020 I think it is possible. But everything needs to be reported as "RELATED PARTY TRANSACTIONS" with full transparency.

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