individual tax computation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 May 2010
in case of husband and wife,aorund rs.500000 has been withdrawn from both of their bank accounts for medical expenses of wife, then how much amt shd b debited in both of their capital a/c
28 May 2010
The actual amount of expenses incurred should be debited. Any one can pay on behalf of the wife. If the wife was covered by mediclaim and claim amount is to be received by the wife then entire expenses should be debited in the wife account.
28 May 2010
It is drawings, that amounts which is drawn from individual account is debited to their capital account.
i.e withdrawl form husband a/c is debited to capital a/c of husband irrespective of use of money
withdrawl from wife a/c is debited to capital a/c of wife.
i.e withdrawl form husband a/c is debited to capital a/c of husband irrespective of use of money
withdrawl from wife a/c is debited to capital a/c of wife.
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