How to show a joint bank account in an individual's balance sheets

A B Kundu (Professional) (1422 Points)

13 September 2018  

If a Savings Bank Account has 3 Joint Holders - A, B, C (Father and his two sons) and three of them have made their respective transactions through this account only. B is the 1st holder. 

A is salaried person, B has professional income and some investment income and C has mostly investment income in this account. Regarding the expenses - most of the expenses are personal drawing in nature and few of it are related to B's professional expense.

Now, if I require to prepare Balance Sheet of three of them, then how to show this bank account in each of their balance sheets and at which balance?