Chit account

This query is : Resolved

G N SAKTHIVADIVEL (Querist)
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12 May 2018 HAI GUYS,

HOW TO ACCOUNT THE CHIT IN THE INDIVIDUAL BOOKS FOR THOSE WHO SUBSCRIBE THE CHIT.
ALSO HOW TO ACCOUNT THE PREMIUM PAYMENT AND DISCOUNT IN THE INDIVIDUAL BOOKS OF ACCOUNT?
AS OF MY OPINION AND VIEW IS TREAT AS INVESTMENT TILL PAYING THE MONTHLY PREMIUM PAID IN THE CURRENT ASSETS AND AFTER DISCOUNTING EITHER TREAT IT AS UNSECURED LOANS OR UNDER SUNDRY CREDITORS HEAD. IS IT CORRECT?

CA Suresh Jain

CA Suresh Jain (Expert)
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13 May 2018 You are right for treatment of payment. on discounting, it is to be treated as In-secured loan

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