Dear Experts,
when a proprietor invests in PPF for his minor child, should this be treated as expense or as an investment, in books of accounts of the proprietor?
I understand, PPF investment made by the prop in his own name is to be shown as investment and interest on this inv under capital account.
Thanks.
It would be capital withdrawal from the business accounts, while gift if withdrawn from capital account.
Thanks, Sir. Would be thankful if you could post the entries to be made..
Dr. Capital account
Cr. Bank
note: invested in PPF acc of....
T R SOOD & CO
New Delhi
CA Inter
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Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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CAclubindia
