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Querist : Anonymous

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Querist : Anonymous (Querist)
18 March 2010 did anybody tell me about how to accountfor chit transactions.
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CA. B.SRINIVASULU

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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.
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