i.t
This query is : Resolved
05 July 2011
1.) in case of joint account, interest income of saving bank account is to be shown in whose account. and in balance sheet whose account the closing balances is to be shown?
2.) is tin no. essential for a retailer having turnover within 10 lakhs?
2.) is tin no. essential for a retailer having turnover within 10 lakhs?
05 July 2011
1) first holder
2) check with your state VAT site
2) check with your state VAT site
05 July 2011
but when the major transaction is done by the second holder? and what about presentation in b/s
05 July 2011
go to bank and give mandate for percentage of holding in joint account, they will do the same for you.
05 July 2011
First of all you have to decide in whose hand and in whose Balance Sheet you are going to show the Joint Account. If you have shown in a particular persons name then it will always be in the bane of that person.
As regards interest if it is not possible to fix the percentage of deposits and withdrawals the it is very simple. Divide the interest equally and show in the hands of both the holders and like wise the balance at the year end should also be divided equally and to be shown in the balance sheet of both the joint holders. But you must state in the Balance Sheet that the Balances is that of joint account.
As regards interest if it is not possible to fix the percentage of deposits and withdrawals the it is very simple. Divide the interest equally and show in the hands of both the holders and like wise the balance at the year end should also be divided equally and to be shown in the balance sheet of both the joint holders. But you must state in the Balance Sheet that the Balances is that of joint account.
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