Cash deposit entry
This query is : Resolved
18 November 2017
There is a cash deposit in bank everyday. If i want to pass one consolidated journal entry at the end of the year for all cash deposit during the year, does income tax officer have any problem?
18 November 2017
Yes there may be as it is not right way of accounting.....
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18 November 2017
No...
It's not good practice...
You ll be enter daily basis or Weekly basis...
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18 November 2017
It's not allowed to pass the consolidated entry..
Also you will not be able to show your books of account and cash book mainly. which should be followed as on when the transactions happens on cash basis or accrual basis.
Also you will not be able to show your books of account and cash book mainly. which should be followed as on when the transactions happens on cash basis or accrual basis.
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