Accounting for Mutual Fund SIP for my children

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Jitendra (Querist)
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03 May 2011 Dear All,

I have two minor children.

I had done Mutual Fund SIP of Rs.10,000/- per month in the name of my children.

Mutual fund SIP amount is debited form my savings account & not from childrens savings account.

Can you please tell me hoe to account for this SIP in my Books of accounts.

Thanks to all in advance for your early positive response and guidance.

Jitendra

Jitendra (Querist)
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04 May 2011 Please reply to my query

Jitendra

Jitendra (Querist)
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18 May 2011 Please reply to my query

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U S Sharma

U S Sharma (Expert)
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18 May 2011 minor bank accounts are also the property of natural guardian. it would go in your drawings,

if you prepare your childrens balance sheet then such amounts would go in their assets

Jitendra

Jitendra (Querist)
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19 May 2011 Hi,

Thanks for the reply.

That means Mutual Fund SIP Investment will be debited in my Capital account as Drawings.

What will be accounting entry for this in childrens balance sheet.