17 July 2010
my mother's brother died in 2009. as per will my mother was supposed to receive rs.1.25 crores and balance among other relatives. I was appointed to realise the money from the assets and distribute to the relatives.
consequently i transferred all the money which was realised frm the estate into my saving bank account and made payments to the relatives as per their share. in between my mother died and i am the only son so her share was kept in my my account only.
my question:
1.)what entry should be passed for receiving the entire realised amount into my persoanl saving a/c??
2.) what entry should be passed for distribution to the relatives??
3.) how to show my mothers share that i received??
urgently waiting for reply. thanks in advance my id abhipcc@rediffmail.com
17 July 2010
I think it would have been better if a separate bank account was opened for realisation of the assets in question. now when amount is transferred to ur personal account all interested parties who were eligible to receive the share should have been credited in your account (including your mother)
when amount disbursed to relative reverse entry should be passed.
as far as share of your mother is concerned, it there is no will or if there is will assets of mother comes to you, the share of mother shall be transferred to your capital account after completing the legal formalities in consultation with your advocate (there may be a need to get the succession certificate from the court}
CAclubindia
