accounting treatment of digitally transacted transactions
This query is : Resolved
13 December 2016
Hello everyone!
I have a query relating to the transactions which are digitally transactions..as our honourable PM is promoting digital India and more and more transactions might take place digitally ..so I have a query relating to Paytm transactions as mostly people are using Paytm ..Paytm transaction limit is upto 20000 but for increasing limit they ask our KYC..which is a serious matter and shall be recorded in our books..so how shall the financial statements Of the next year record these type of transactions..should we record it as a cash and cash equivalent or any other ?
13 December 2016
Paytm is a RBI approved platform, so no need to worry for that. Treat it as a bank. U may create a ledger name as paytm under bank, and post a contra entry at the time of adding cash to the Paytm account.
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13 December 2016
Thankyou very much but I have one more query.. consider if I have received money from my friend and I spent it in petty expenses so how should I record it... considering that I have not given my KYC to Paytm ...
and what would be the changes if I have given my KYC??
13 December 2016
Better not to involve personal transactions, if the paytm is used for ur business purpose. KYC is only to enhance the wallet limit, there is no problem in submitting the KYC to them. And one more thing I wanna suggest is not to transact more from Paytm, better to do it through bank. And at last for me, if u like mu reply then u can show ur appreciation by hitting the like button.
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13 December 2016
thankyou really much sir😊
13 December 2016
U r welcome dear...................
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