How to show in balance sheet
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 September 2011
mother has deposited Rs. 10,000 & open new a/c in the name of his minor child in HDFC account by joint operation.
Query 1
how to give this effect now in the books of mother & minor?
Query -2
and when minor became major what will be effect of same in the both books?
pl tell me solution of Query :2
Query 1
how to give this effect now in the books of mother & minor?
Query -2
and when minor became major what will be effect of same in the both books?
pl tell me solution of Query :2
CA Pushpendra Gaur
(Expert)
28 September 2011
well if he is the joint owner then the amount must be debited in the name of Joint A/c of minor son
CA Pushpendra Gaur
(Expert)
28 September 2011
Since the minor is no where part of this transaction, no entry is required to be made in his book, it is nat a advance or loan given
CA Pushpendra Gaur
(Expert)
28 September 2011
IN CASE OF query 2
there would be no implications, unless the major withdrwns the money which is mother's share
there would be no implications, unless the major withdrwns the money which is mother's share
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