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This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 March 2010
did anybody tell me about how to accountfor chit transactions.
CA. B.SRINIVASULU
(Expert)
19 March 2010
There are 3 methods.
(i) As and when you pay you have to debit only the actual amount paid.
(2) As and when you you have to debit the payment made and credit the income accured for you ie dividend.
(3) As and when you pay you have to debit the actual payment to chit account and when you bid then you have to calclate the loss or profit on chit dividend.
(i) As and when you pay you have to debit only the actual amount paid.
(2) As and when you you have to debit the payment made and credit the income accured for you ie dividend.
(3) As and when you pay you have to debit the actual payment to chit account and when you bid then you have to calclate the loss or profit on chit dividend.
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