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
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
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
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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