Entry in tally
This query is : Resolved
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
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
14 August 2014
yes show it as loan from husband...........
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
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
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
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
