vidya shetty (senior accountant) 02 September 2009
Vidya (Student) 13 September 2009
In case there is no specific agreement, the asset will be taken equally in both balance sheet. Even if payment is made in different proportion, you can still show equal share of property and create an obligation on one party to pay the other for difference. Else, they can share in the proportion of their investment. If there is a loan, and if the father repays is completely, the son has an obligation to repay the father.