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) ?
Menu
Money transfer in daughter/Son account
Replies (2)
Quick Summary
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 )
Recent Topics :
- PAN CANCELLATION OF A DISSOLVED PARTNERSHIP FIRM
- Transport agency accounting entry in purchase &
- REGARDING HSN CODE FOR WASHING JOB CHARGES
- Advance Tax Due Date 2026
- Query – Interest on Capital Received by Part
- Query - Section 164(2)(a) – Interpretation o
- Submission for Expert Opinion on Rectification of
- NRI since March 2023 – resident savings acco
- My All-Time Top 15 Indian Web Series
- Wrong date of invoice
Related Topics :
CAclubindia
