17 October 2018
ABC Company Sold Packing Covers to XYZ Shop worth Rupees 2,50,000/- in a single Invoice. XYZ Shop is not RESALE this Packing covers
Transaction of ABC Company is a SALES
Transaction of XYZ Shop is an EXPENSE
In Books of Accounts of ABC Company can enter Cash Receipt 2,50,000/- in a Single day & Single entry or Multiple Entry in Multiple Date.(Please note Cash Receipt Per day Limitation)
In Books of Accounts of XYZ Shop can enter Cash Payment 2,50,000/- in a Single day & Single entry or Multiple Entry in Multiple Date(Please note Cash Payment Per day Limitation)
PLEASE ANSWER THE SAME SITUATION FOR SALE VALUE 1,90,000/-
17 October 2018
Single invoice cash sales can't exceed 2 lacs either received on single day or on multiple days. Sale value of 1.90 lacs can be received in cash.
CAclubindia
