Entry in tally

This query is : Resolved

sanjay (Querist)
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14 August 2014 Hello All
My client has purchased the property for Rs.5 Lac. the payment is as under 1.00L+1.00L from her own a/c and Rs.3.00 Lac paid directly to the party XYZ through husband a/c. What will be the entry in Tally. I think the Rs.3.00L should be shown as loan from Husband.
Kindly advise and the entry to be done pl do the needful.
Reply soon.
Regards
Sanjay

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 August 2014 yes show it as loan from husband...........

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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14 August 2014 Dear Sanjay,

1.) If wife will pay back Rs.3 lac to husband then it will be shown as unsecured loan, and entry will be as under

Property A/c. Dr.5 lac
To bank a/c. Cr. 2 lac
To Mr. X (husband) Cr. 3 lac

2.) If wife will not payback Rs. 3 lac to the husband, then it will be taken as gift and will be added to the capital of wife, and entry will be as under,

Property A/c. Dr.5 lac
To bank a/c. Cr. 2 lac
To Capital a/c.(wife's capital
a/c. Cr. 3 lac

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