A jewellery business I.t Assess sb account maintained a jointly
first name :husband name
second name :wife name
but agriculture and gold loan from bank Rs:6 lacs two names.this amounts credit to jointly bank account.
question:
account treatment above transactions agriculture and gold loan jointly sb account and accounting entries passed producer for husband books.
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Treatment of agri and gold loan joint account
Replies (2)
Producer passes accounting entries in husband books than it may be right because first name mentioned in joint account of husband , another reason is gold loan amount fully utilised by husband for own purpose , may be agriculture income full report in husband ITR
A multipurpose gold loan is beneficial for farmers who are looking for finance options for their agricultural activities. Farmers who are eligible for an agricultural gold loan should be engaged in the cultivation of crops, dairy, poultry, fishery, piggery, sheep, etc. These farmers can keep their gold coins or gold jewelry as collateral security in local rural banks for availing the loan amount.
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