Cash deposit in s/b a/c.
This query is : Resolved
03 May 2017
Dear Sir,
A Assesse who is a businessman (Proprietorship Firm) has deposited cash of Rs. 2.50 Lacs in his savings bank account. I want to know what does the deposit signifies i.e. whether it signifies amount collected from debtors, or his cash in hand at the end of the financial year or anything else. Moreover what is the effect of deposit in the Profit and Loss and balance Sheet of his firm.
Thanks,
Abhishek.
A Assesse who is a businessman (Proprietorship Firm) has deposited cash of Rs. 2.50 Lacs in his savings bank account. I want to know what does the deposit signifies i.e. whether it signifies amount collected from debtors, or his cash in hand at the end of the financial year or anything else. Moreover what is the effect of deposit in the Profit and Loss and balance Sheet of his firm.
Thanks,
Abhishek.
04 May 2017
It will be his cash in hand. The deposit is in his savings account so no effect in balance sheet.
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