A/c ing of Chit fund business
This query is : Resolved
14 January 2011
Plz tell me how to account for transactions of chit fund business entities in Tally
In chit which is liability, which is income etcccccccc..........
if poosible explain with accounting entries
In chit which is liability, which is income etcccccccc..........
if poosible explain with accounting entries
14 January 2011
In chitfund
1. Income is commission recived from customers
2. Liablity - Payment to customer those not taken the chit or chit yet to mature
3. Asset - Payment to be received from customer those already taken the chit
1. Income is commission recived from customers
2. Liablity - Payment to customer those not taken the chit or chit yet to mature
3. Asset - Payment to be received from customer those already taken the chit
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