ACCOUNTING ENTERIES
This query is : Resolved
27 February 2023
MR. A IS PREPARING BOOKS OF ACCOUNTS
MR. A HAS TO RECEIVE 1000 FROM MR. B
MR. B HAS TO RECEIVE 1000 FROM MR. C
CAN MR. A DIRECTLY MAKE JOURNAL FOR TO MAKE RECEIVABLE FROM MR. C ?
WITHOUT BANK OR CASH TRANSCTION
IS THIS CORRECT ACCORDING TO INCOME TAX OR ANY OTHER LAW ?
MR. A HAS TO RECEIVE 1000 FROM MR. B
MR. B HAS TO RECEIVE 1000 FROM MR. C
CAN MR. A DIRECTLY MAKE JOURNAL FOR TO MAKE RECEIVABLE FROM MR. C ?
WITHOUT BANK OR CASH TRANSCTION
IS THIS CORRECT ACCORDING TO INCOME TAX OR ANY OTHER LAW ?
28 February 2023
Yes, with the consent of B and C , A can make the entry.
No problem with income tax or any other law.
No problem with income tax or any other law.
01 March 2023
FOR MORE BETTER CLEARITY
SUPPOSE MR. A HAS TAKEN UNSECUED LOAN FROM MR. B FROM BANK NOW CAN MR. A MAKE JOUNAL ENTRY TO PAY UNSECURED LOAN AGAINST FROM MR. B TO MR. C ? OR VICE-E-VERSA ?
IF YES , WHAT ABOUT CLAUSE 31a AND 31c OF FORM 3CD OF INCOME TAX ACT WHICH SHOWS OUTSTANDING ?
SUPPOSE MR. A HAS TAKEN UNSECUED LOAN FROM MR. B FROM BANK NOW CAN MR. A MAKE JOUNAL ENTRY TO PAY UNSECURED LOAN AGAINST FROM MR. B TO MR. C ? OR VICE-E-VERSA ?
IF YES , WHAT ABOUT CLAUSE 31a AND 31c OF FORM 3CD OF INCOME TAX ACT WHICH SHOWS OUTSTANDING ?
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