Father is deceased.his bank account has savings balance and 1 fd.the bank account is now transferred in sons name.
How to show this bank account and the relevant 1 fd in sons tally account. Please guide what enteries to pass and which ledgers create. In sons tally account
Kind regards
Dilip
Hi Dilip,
For the bank account and FD of a deceased father transferred to the son's name, you can reflect this in the son's Tally books as follows:
Father’s bank account (savings + FD) balance has been transferred to son after father's demise.
This is effectively a receipt/inheritance or transfer of assets to the son.
The father’s bank account in Tally is closed/removed, and the son’s bank account is credited.
Bank Account (Savings) – Son's bank account ledger.
Fixed Deposit (FD) – Son’s FD ledger under Bank Accounts or Investments.
Father’s Account (Sundry Debtor/Other Current Asset) – To temporarily hold the father's amount (optional).
Capital or Inheritance Account – To record the amount received as capital/inheritance from father.
If you want to treat this as capital introduced/inheritance received, pass:
Similarly, for FD:
First pass father’s bank balances as a debit to father's ledger (representing amount receivable):
Then, when funds are received/transferred to son's account:
This way, you track father's account and then clear it on receipt.
The exact treatment depends on your accounting purpose: whether you want to track father's accounts or simply record as inheritance.
Consult with a CA/legal advisor if required for succession and inheritance tax implications.
Bank statements and legal documents of transfer should be preserved.
Thank you dear sharma sir, for such a detailed answer. I was waiting for this for so long. Now i am clear about the concept.
Sir, will you also please help me regarding one query i have pisted recently regarding nil return?
Kind regards
Dilip khambete
CAclubindia
