Please help!!!

A/c entries 484 views 2 replies
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Research Analyst
360 Points Joined March 2007

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

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On 25 February 2011 at 19:25 Report
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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

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On 26 February 2011 at 00:06
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CA FINALIST
370 Points Joined January 2011

 

Assets A/c Dr   50

To Liabilites            10

To Capital               40

1 Reply
On 28 February 2011 at 18:17


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