Cash transcation

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SANKARA NARAYANAN (Querist)
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18 March 2014
Working in PVT Ltd Company

I want to know whether Cash Received from Customer utilized for meeting day to day expenses is correct accounting practice.
Suggest for internal control system with link available

Dealer ship Deposit Non Refundable is grouped under sales is correct accounting practice.Please suggest where to be accounted.

What is the cash limit for expenses paid in cash.

Sandeep Dharar

Sandeep Dharar (Expert)
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18 March 2014 Cash limit is Rs. 20000 to a single party in a single day(it extends to Rs. 35000 if u r an logistic co.). Cash received from customer is ur receipt for work done, it depends upon u what to do with that.

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