Intial amount received from settlor of trust
This query is : Open
28 December 2013
There is trust formed and intial amount received from settlor. my question is in accounts where shall i group the ledger of settlor in capital or loan liability
04 February 2014
SETTLOR ACCOUNT WONT BE REFLECTED IN THE BOOKS OF TRUST. INTIAL AMOUNT RECEIVED FROM THE SETLLOR SHALL BECOME THE CAPITAL OF THE TRUST.
ENTRY
CASH/BANK A/C DR
TO CAPITAL A/C
ENTRY
CASH/BANK A/C DR
TO CAPITAL A/C
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