How to cloase accounts of deceaased persomn
Querist : Anonymous
following are the assets & liabilities
capital 100000
loan from friend50000
secured loan 20000
investment in shares 50000
flat 100000
cash 10000
bank 10000
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.
Querist : Anonymous
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.
Click here to login now
Similar Resolved Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- GST Rate for Catering Services
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- ITR 4 and Bank transactions
- FCRA 6 E- Intimation
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
