Hi
Please guide me about tally enttry for following situation
Deceased fathers cash in savings ac 10000 rsand fd 50000 rs is transferred to son's account.deceased fathers account is closed.
How to enter this in son's tally. Which ledgers to create under which group ,
Regards
Dilip
step 1: Identify the nature of the transaction: is it rather an inheritance or receipt of funds by the son.
step 2 : create the following ledgers. 1. Cash ledger. 2. Deceased Father's Estate Ledger.
step 3: Record the transactions. Debit cash ledger and credit Deceased father's estate ledger.
Thank you sir
It is inheritance only, not a gift(father should be alive , in the case of gift)
Will the 'deceased father inheretance ledger' come under capital group??
Is it placed under capital account??
Kind regards
Also is it a F4 voucher entry??
CAclubindia
