Bank a/c
Querist : Anonymous
If it is a society, ask the managing committee to ratify the same. Till that time you can show it as Receivable in the name of Chairperson
In that case Debit balances on the date of balance sheet required to show under the short term loans and advances (Asset)(Employees) otherwise
Current Liabilities (others)
Note: One can knocked off credit and debit balances as on date of Balance sheet
Querist : Anonymous
Pass the resolution to open the account in the name of society
Pass the resolution to transfer the funds from chairman's account to Society's account.
Take a declaration of Chairman and keep it on record.
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