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Related party transactions in proprietor accounts

Others 248 views 1 replies
Hi Sir or Madam

we are looking after Accounts of a clinic

the clinic is on the Name of proprietor

in tally proprietor wife account is also classified under Capital Account

there are some transactions with wife

Please advise can I reclassify wife ledger as loan or inter company

or can I keep under Capital Account

Thanks in advance
Replies (1)

What type of transactions does she do? Anyways, 2 types can do transactions

Owner

Employees

Since she has significant control and included capital into business, it must be capital account. 


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