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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Regarding Appointment of auditor in case of casual vacancy
- GST- DRC 03 RCM Liability
- Conversion of Proprietorship Firm to Partnership Firm
- Validity of form 15 G and 15 H on Interest on fixed deposit
- Query on managerial remuneration u/s 197 of CA 2013
- Supply to unit situated in SEZ
- Threshold limit of under GST for insurance agent
- GSTR 1- Amend Credit Note
- Updated return filing
- International transfer pricing- -> father entity vs son entity ->WHERE NO mutual say in management
- EXCESS CREDIT REALTED GST REVERSAL
- Export invoice not reported
- CA Articleship Extension Matter
- GST OFFICER WRONG NOTICE
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- Revision under Section 264 in The Income Tax Act, 1961
- TDS under section 195.
- Filing GST Returns after death of proprietor
- Registered Required in GST Act
Trending Online Classes
-
LIVE Course on GSTR-9 & GSTR-9C (Technical | Practical | Concept - Based)
Sachin Jain03 November 2025
CAclubindia
