How to show a joint bank account in an individual's balance sheets

If a Savings Bank Account has 3 Joint Holders - A, B, C (Father and his two sons) and three of them have made their respective transactions through this account only. B is the 1st holder. 

A is salaried person, B has professional income and some investment income and C has mostly investment income in this account. Regarding the expenses - most of the expenses are personal drawing in nature and few of it are related to B's professional expense.

Now, if I require to prepare Balance Sheet of three of them, then how to show this bank account in each of their balance sheets and at which balance?

Replies (4)
Show the bank in the first holder account only and pass Journal entry for current asset , current liability as payable to or receivable from other join holders.

Practical solution hereafter is -
Open separate bank accounts and do the transactions separately.

Don't show bank balance in all the three accounts as you will not be able to allocate bank charges , saving bank interest to the three holders.
Yes... I agreed to Mr Raj C Doshi.,

@ Mr A B Kundu.,

The account number using for 1st holder's ITR.
Better to seggeregate the transactions and to prepare Journal entry from A to B & C.

Thank you Mr. Doshi and Mr. Raja for your valuable reply.

You are most welcome Mr A B Kundu...

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
09 September 2026
Chartered Accountant

Aviv Global Private Limited

Ahmedabad

CA

View Details
Company
ARTICLESHIP 24 August 2026
Chartered Accountant Articles

Rohit KC Jain & Co

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 25 August 2026
CA Article's

Saini Pati Shah & Co LLP

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 29 August 2026
Article Assistant

RRPM & ASSOCIATES LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 24 August 2026
Article Assistant

M/s.S.G.Salecha & Co.

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Articles

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Foundation

View Details
Company
ARTICLESHIP 16 September 2026
Article Assistant

MANUJ SHARMA AND COMPANY

Noida

CA Inter

View Details
Company
Featured 12 September 2026
Assistant Manager - Finance & Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details