Husband is having a salary bank account joint with his wife. An asset is purchased from this bank account in the name of wife. how to treat purchase while preaparing accounts of wife?
what will be accounting entry?
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How to treat joint bank accounts?
Replies (1)
Bank account will be considered in the hands of first holder. If assets are purchased by second holder then pass JV in the books of both account holders for transfer of assets.
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