Closure of bank account
This query is : Open
30 November 2016
suppose Owner of the company paid RS. 13 lac in cash from his pocket against the credit balance of the bank account and close the account.what entry will be passed for rs. 13 lac
01 December 2016
First entry
Cash Account Dr
To Capital Account
next entry
Bank Account Dr
To Cash
VK
01 December 2016
U must adjust that amount with capital of the owner, if it is a proprietorship concern.
01 December 2016
Thank you CA Vinodh Kothari sir and sandeep dharar sir.
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