Hi all,
Please help me with the following-
"A" is inheriting the belongings and business of his mother "B" on her demise. The individual "A" has to pass an entry for this inheritance. Please help. Assume that assets inherited total 50 mn and liabilities total to 10 mn would the entry be "Assets 50 To liabilities 10 To gift 40" or "Assets 50 To liabilities 10 To Capital 40"
Regards
Amit
asset--------dr 50
to liabilites 10
to capital 40
or
asset--------dr 50
to liabilites 10
to gift 40
then
gift---------dr 40
to capital 40
i think the 2nd choice is unnnecessary
Assets A/c Dr 50
To Liabilites 10
To Capital 40
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