28 September 2012
Hello All I am Sanjay. I want your guidance in this point. My wife has incurred expenses of ticket etc for her mother from her account say Rs.10000/-, but my mother in law has deposited the amount in my account not her daughter's a/c. What will be the accounting entry in my books of account and my wife's books. Kindly explain broadly by giving entry. Regards Sanjay
28 September 2012
In your Books: Bank A/c - Dr 10000 To Wife A/c (on behalf of her Mother) 10000 (on receipt of money from your mother in law)
In your Wife Books:
Travelling/Drawings/Mother A/c- Dr. 10000 To Cash/Bank A/c 10000 (On booking of ticket expenses of her mother. The head of account should be depending upon nature of transactions)
CAclubindia
