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17 June 2016
Dear All,
One of my client brother's have credit balance in the broker account. The broker has pay out the amount in his name to transfer by the way of RTGS, but my friend brother is expire for the last 1 years and his family close all his Bank account. His mother and brother have one joint account and the broker are ready to transfer the amount in the particular account. My question is what type of Transaction will show in his mother's books of account.
Thanks & Regards
Rateesh
One of my client brother's have credit balance in the broker account. The broker has pay out the amount in his name to transfer by the way of RTGS, but my friend brother is expire for the last 1 years and his family close all his Bank account. His mother and brother have one joint account and the broker are ready to transfer the amount in the particular account. My question is what type of Transaction will show in his mother's books of account.
Thanks & Regards
Rateesh
Amol S Joglekar
(Expert)
17 June 2016
it is a capital receipt for his mother. You can credit it to her capital account, in her books
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