A husband has taken interest free loan of Rs. 2,00,000.00 from his wife for business purpose. In the end of March 2011, his wife died and the all the property of wife now legally vests with her husband. How the unsecured loan of wife be treated in the books of accounts for F.Y. 2010-11?
5 Replies
tme s limted,bt drms r unlmtd
(Mba ( fin.) Ca final Student)
(257 Points)
Replied 08 May 2011
i thnk the loan now transferred to husband capital account
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 08 May 2011
that should be transferred to husbands capital account
Prateek
(B.Com(H) PGDBA CA Final)
(436 Points)
Replied 09 May 2011
Can any partnership firm accepts loan in cash ....if yes...any limits on this?? How can we do this line agreement or what???
Amit Raj
(I.T. Practitioner)
(67 Points)
Replied 09 May 2011
Following Entry should be passed:-
Loan from wife A/c ....... Dr.
To Proprietor's Capital A/c
Naina
(CA Student)
(477 Points)
Replied 11 May 2011
Thanks All.
Should the loan be transferred in March 2011 only or we can transfer it in April 2011?
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