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
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