06 December 2016
CASH DEPOSITED RS-240000...FROM OLD SAVINGS FROM DRAWINGS.... ON 31-3-2016....COH ON BALANCE-SHEET RS-3000....... AS CASH DEPOSITED IN TO BANK....RS-240000...DUE TO DEMONETISATION...............
WHAT IS BOOK ...ACCOUNTING ENTRY......CA-TAX PRACTION & LAWYER CONFUSED......NOT ANSWERED... IN SHORT....CASH DEPOSITED FROM OLD SAVING...DUE TO DEMONETISATION.......IN BALAMCE-SHEET NO CASH..... ADD--CAPITAL INTRODUCED...CASH-DEMONETISATION DEPOSITED TN TO BANK........
06 December 2016
If i go basic of accounts, transaction is an event which are valuable in terms of money (which should be legal tender). Capital introduction after 8 Nov 2016 is not a transaction and therefore we may not take it at our books of accounts.
Change of currency is allow by Govt / RBI and legal tender at Hospitals, Petrol pumps etc.
CAclubindia
