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Cash book

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Querist : Anonymous (Querist)
22 April 2013 how to verify cash book of manufacturing company
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Anand Modi

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Anand Modi (Expert)
22 April 2013 1. Check that contra entries are passed on the date of Transaction only.

2. Ask for bills for all expenses done.

3. Verify that the receipts in cash is income or any other receipt.

4. If any loan in cash whether given or received in excess of 20,000/- is to be considered as income.

5. Cash payment voucher for more than 5000/- should be signed on 1 Rupee revenue stamp.

6. Check that on any day whether cash is in negative figure.

7.Check that payment in cash in excess of Rs. 20,000/- to one person in a single day is done or not and if it is done then that payment is to be disallowed under income tax act. However this point is not applicable if audit is done u/s 44AD
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