Cash
This query is : Resolved
15 March 2012
i am a individual. my aunti has deposited Rs. 20K in my bank a/c by cheque. and i have withdrawn for my family matter
what entry to be done in my file / books of accounts ? or in what head should i show it in my file ?
please answer
what entry to be done in my file / books of accounts ? or in what head should i show it in my file ?
please answer
15 March 2012
Hi,
Its Pretty Simple, the entry in your books of Accounts is as follows
Bank A/c Dr 20000
To Aunty A/c 20000
Being Amount received from aunty
Capital A/c Dr 20000
To Bank A/c 20000
Being amount withdrawn as drawings for personal use.
Regards
CA. Lohith. J
B.Com, ACA, CS, (ICWA), SAPM Hons, ITF Hons
Its Pretty Simple, the entry in your books of Accounts is as follows
Bank A/c Dr 20000
To Aunty A/c 20000
Being Amount received from aunty
Capital A/c Dr 20000
To Bank A/c 20000
Being amount withdrawn as drawings for personal use.
Regards
CA. Lohith. J
B.Com, ACA, CS, (ICWA), SAPM Hons, ITF Hons
16 March 2012
actually i wanted to know if ITO asked me why your aunty had provided the money to you or what purpose then what is the right answer to be provided by me in terms of income tax
16 March 2012
Hi,
U can always tell its a Hand Loan.
U can always tell its a Hand Loan.
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