Basics of Practical Life
This query is : Resolved
25 May 2008
If I transfer a sum to my father for his livelihood through bank.
The journal entry would be
Drawings A/c___________Dr.
To Bank A/c
or will be treated as loan
Loan A/c___________Dr.
To Bank A/c
(Note: the amount is not refundable & nor i am charging any interest, its my responsibility to take care of them and hence its a transfer so that they can meet their expenditure as I live outside town)
The journal entry would be
Drawings A/c___________Dr.
To Bank A/c
or will be treated as loan
Loan A/c___________Dr.
To Bank A/c
(Note: the amount is not refundable & nor i am charging any interest, its my responsibility to take care of them and hence its a transfer so that they can meet their expenditure as I live outside town)
25 May 2008
Drawings a/c Dr
To Bank
To Bank
26 May 2008
In that Case, What journal entry will be passed in my father's book.
Bank A/c________________Dr.
To Capital A/c
I presume!!!!!!!!
Bank A/c________________Dr.
To Capital A/c
I presume!!!!!!!!
26 May 2008
Yes you are right
26 May 2008
ok thanks to both of u
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
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- GSTR-4 Annual Return ! Pending Returns for F.Y. 20-21 to 22-23
- TDS related Query_Liquidated Damages
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
