Nature of payment transaction

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CA (Tax Management)
132 Points Posted on 17 August 2022
proprietor transfer payment to family members account, kon se head me Entry karenge
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On 17 August 2022 at 16:18 Report
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Quick Summary
This discussion clarifies how to record payments made by a proprietor to their family members' accounts. Depending on the nature of the transaction, it can be entered as a loan under 'Loans & advances' or as a gift directly into the proprietor's capital account. It's also noted that such transactions can be shown under drawings in the capital account.

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SEO Sai Gr. Hosp.
212441 Points Posted on 17 August 2022

Either loan to such members or to proprietor's capital account, depending upon its nature.

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On 17 August 2022 at 20:41
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Chartered Accountant
86505 Points Posted on 17 August 2022
Agar loan form me hai to as Loans & advances, Agar gift hai to as a gift in capital account.

Also shown under drawings in capital account
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On 17 August 2022 at 22:59
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CA (Tax Management)
132 Points Posted on 17 August 2022
Thank you
@ Dhirajlal Rambhia
@ CA Rashmi Gandhi
1 Reply
On 17 August 2022 at 23:03
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Chartered Accountant
86505 Points Posted on 18 August 2022
Welcome Dear
1 Reply
On 18 August 2022 at 21:13

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