I want to know how the Minor FD appearing in parents balancesheet should be transferred to minor account on becoming major. what are the journal entries? On becoming Major FD will be debited in his accoount but what other account should be credited? please help urgent
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Minor FD
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Dear,
It is the capital account through which the FD will be routed
Capital Account ................Dr.
To FD(Minor)
(Being Minor FD gifted to him/her)
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