How to show in balance sheet

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2011 mother has deposited Rs. 10,000 & open new a/c in the name of his minor child in HDFC account by joint operation.

Query 1
how to give this effect now in the books of mother & minor?

Query -2
and when minor became major what will be effect of same in the both books?

pl tell me solution of Query :2

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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28 September 2011 well if he is the joint owner then the amount must be debited in the name of Joint A/c of minor son

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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28 September 2011 Since the minor is no where part of this transaction, no entry is required to be made in his book, it is nat a advance or loan given

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CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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28 September 2011 IN CASE OF query 2
there would be no implications, unless the major withdrwns the money which is mother's share