i.t
This query is : Resolved
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
