A husband has taken interest free loan of Rs. 2,00,000.00 from his wife for business purpose. In the end of March 2011, his wife died and the all the property of wife now legally vests with her husband. How the unsecured loan of wife be treated in the books of accounts for F.Y. 2010-11?
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Loan from wife
Replies (5)
i thnk the loan now transferred to husband capital account
that should be transferred to husbands capital account
Can any partnership firm accepts loan in cash ....if yes...any limits on this?? How can we do this line agreement or what???
Following Entry should be passed:-
Loan from wife A/c ....... Dr.
To Proprietor's Capital A/c
Thanks All.
Should the loan be transferred in March 2011 only or we can transfer it in April 2011?
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