A/c ing of Chit fund business

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kiran (Querist)
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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

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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

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