Tally entry of deceased fathers bank acciunt

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:

Step 1: Understand the situation

• 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.

Suggested Ledger & Entries in Son's Tally:

Ledgers to Create:

1. Bank Account (Savings) – Son's bank account ledger.

2. Fixed Deposit (FD) – Son’s FD ledger under Bank Accounts or Investments.

3. Father’s Account (Sundry Debtor/Other Current Asset) – To temporarily hold the father's amount (optional).

4. Capital or Inheritance Account – To record the amount received as capital/inheritance from father.

Entry 1: To record receipt of bank balance from deceased father

If you want to treat this as capital introduced/inheritance received, pass:

Entry 2: To record Fixed Deposit transferred to son

Similarly, for FD:

Alternative (If you want to track father’s account separately):

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.

Notes:

• 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