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How to cloase accounts of deceaased persomn

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 December 2011 how to pass entry in deceased assessee account to transfer all assets & liability on his legal hair?
following are the assets & liabilities


capital 100000
loan from friend50000
secured loan 20000
investment in shares 50000
flat 100000
cash 10000
bank 10000
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CS, Deepak Pratap Singh

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CS, Deepak Pratap Singh (Expert)
04 December 2011 Dear Friend, suppose Mr. X is the Legal hair of the deceased. The entries will be as follows;


Capital Accout 100000
Unsecured Loans50000
Secured Loan20000
To Mr. X Account 170000
( Being Capital Account as well as liabilities has been transferred)

Mr. X Account 170000

To Investment Account 50000
To Flat 100000
To Cash 10000
To Bank 10000
( Being Assets transferred to Mr. X A/c.)
The net effect will be nil.
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Querist : Anonymous

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Querist : Anonymous (Querist)
04 December 2011 thank uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu......................................................................
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CA Hardik Bunha

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CA Hardik Bunha (Expert)
04 December 2011 Why Should do this,
Only make one simple entry.
capital a/c dr. 1,00,000
to Legal Hair(X) a/c 1,00,000.

No Tax implication on it.
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