Transfer of Husband Loan Principal to Wife

This query is : Resolved

Vipul Acharya (Querist)
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03 April 2021 In our Pvt Ltd co. directors are Husband & Wife, and both of them has given loan to Company, on the death of Director (Madam) we have transferred her loan to Director (Sir) account in the books of company.

Now, what will the accounting entry in the books of Directors and under which head ledger to be created

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 September 2021 Director (Sir)
Dr. Loan Company acc.
Cr. Inheritance cap of Spouse. (new ledger)

Director (Madam)
Dr. Capital acc.
Cr. Loan Company acc.