25 May 2008
If I transfer a sum to my father for his livelihood through bank. The journal entry would be
Drawings A/c___________Dr. To Bank A/c
or will be treated as loan
Loan A/c___________Dr. To Bank A/c
(Note: the amount is not refundable & nor i am charging any interest, its my responsibility to take care of them and hence its a transfer so that they can meet their expenditure as I live outside town)
CAclubindia
