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Settlement Deed of property
sir a and b given settlement deed of property to c family members without any consideration value what would be the journal entry
Replies (7)
transfer the book value to reserves/capital account.
Transfer the value of sale deed to c
The settlement deed of property is seperate.
Vikash - that is why you need to transfer the asset to capital account. Because if you create an account for C and transfer to the asset to C's account, then it would create another asset in your balance sheet in name of C. That is not the purpose of the settlement deed. You are removing the asset from your balance sheet and the corresponding debit is on personal side. Hence, debit the capital account.
Ok transfer the current market value or sale deed value to c
transfer book value.
So the book value will be transferred from A and B account and added to C capital account
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