Sir,
If I rupees 35000/- transfer in my daughter/Son's Bank Account. and there is no any sources of income of my Daughter/son. he is still studying.
so in my balance sheet that amount will be consider as a loan or drawing (Reduce in my capital) ?
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Money transfer in daughter/Son account
Replies (2)
This amount shown in balance sheet under drawing and reduce capital
In case of minor child, the bank will be maintained under bank accounts of parent and contra entry will be passed. In case of major child, you can show as gift ( reduction of capital )
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