05 July 2011
sir what about the transaction details of joint account holder.and how to classify the closing balance of both the holder? please elaborate
05 July 2011
you have to give mandate to bank, to classify the ratio between account holders, otherwise 1st holder would be account holder with joint holder as accompanying him only
05 July 2011
You cannot ask the bank for your accounting. For joint account holders you have to fix one person in whose name you have to show the account and that account must always be reflected in the Balance Sheet of that person. Now, as regards the transaction you have to identify which transaction related to whom and then you have to segregate the items on each entry basis. To reduce your burden you can maintain a XL sheet from the beginning of the year and against each transaction you can put details as well as name of the concerned person.
05 July 2011
If both the joint holders are using that account, then they have to work out how much amount they have kept in the bank individually.
If only one person is using bank account and the other person is not depositing anything in that account, the balance will belong to the person who is depositing the amount in the account.
CAclubindia
