Cash in bank
This query is : Resolved
27 July 2012
my friend is hanicaped and lic agent earning 150000/- commission in last financial year,
he is tooked part in running one cinema movment spandan cinema movment nonprofit non registered existing, we can not name it. whether firm, co op society etc.
and for their cinema movment spandan grown some sponsarship from public of rs. 7.00,000 and such chque and cash deposited into his own bank account and released or expended it to whom ever it concerned.
my question is this cash deposited which is not his own income will affect him - urgent
he is tooked part in running one cinema movment spandan cinema movment nonprofit non registered existing, we can not name it. whether firm, co op society etc.
and for their cinema movment spandan grown some sponsarship from public of rs. 7.00,000 and such chque and cash deposited into his own bank account and released or expended it to whom ever it concerned.
my question is this cash deposited which is not his own income will affect him - urgent
27 July 2012
No this should not affect if accounting is proper. This amount has to be shown as advance received under current liabilities in his BS.
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