Sir,
If I rupees 35000/- transfer in my daughter/Son's Bank Account. and there is no any sources of income of my Daughter/son. he is still studying.
so in my balance sheet that amount will be consider as a loan or drawing (Reduce in my capital) ?
2 Replies
Deepak Kumar
(791 Points)
Replied 26 August 2021
This amount shown in balance sheet under drawing and reduce capital
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 27 August 2021
In case of minor child, the bank will be maintained under bank accounts of parent and contra entry will be passed. In case of major child, you can show as gift ( reduction of capital )
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