How to cloase accounts of deceaased persomn
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 December 2011
how to pass entry in deceased assessee account to transfer all assets & liability on his legal hair?
following are the assets & liabilities
capital 100000
loan from friend50000
secured loan 20000
investment in shares 50000
flat 100000
cash 10000
bank 10000
following are the assets & liabilities
capital 100000
loan from friend50000
secured loan 20000
investment in shares 50000
flat 100000
cash 10000
bank 10000
04 December 2011
Dear Friend, suppose Mr. X is the Legal hair of the deceased. The entries will be as follows;
Capital Accout 100000
Unsecured Loans50000
Secured Loan20000
To Mr. X Account 170000
( Being Capital Account as well as liabilities has been transferred)
Mr. X Account 170000
To Investment Account 50000
To Flat 100000
To Cash 10000
To Bank 10000
( Being Assets transferred to Mr. X A/c.)
The net effect will be nil.
Capital Accout 100000
Unsecured Loans50000
Secured Loan20000
To Mr. X Account 170000
( Being Capital Account as well as liabilities has been transferred)
Mr. X Account 170000
To Investment Account 50000
To Flat 100000
To Cash 10000
To Bank 10000
( Being Assets transferred to Mr. X A/c.)
The net effect will be nil.
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 December 2011
thank uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu......................................................................
04 December 2011
Why Should do this,
Only make one simple entry.
capital a/c dr. 1,00,000
to Legal Hair(X) a/c 1,00,000.
No Tax implication on it.
Only make one simple entry.
capital a/c dr. 1,00,000
to Legal Hair(X) a/c 1,00,000.
No Tax implication on it.
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