HUSBAND AND WIFE ARE HAVING TWO PROPRIETORSHIP TRADING BUSINESS BOTH ENTITY HAVE GST REGISTRATION NUMBER. PROBLEM IS BOTH HUSBAND AMD WIFE PAYMENT MADE TO CREDITORS SOME TIME PAYMENT MADE TO CREDITORS OF HUSBAND BUSINESS FROM HIS WIFE'S CURRENT ACCOUNT AND SOME TIME SAME PROBLEM.
HOW TO TREAT THIS ENTRY PAYMENTS IN THIS CASE, HOW TO REPAY THE AMOUNT IN WHICH HEAD TO BE ACCOUNTED
05 June 2020
Husband can create a liability ledger in the name of wife's business and credit the same while debiting the Vendor Account and vice versa in case of wife's business. Later payment can be made to set off such liability to have a nil effect in the books of accounts.
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