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
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Related party transactions in proprietor accounts
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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