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Chit Fund

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14 June 2010 I want final the account of chit fund. Plaese tell me I post the entries and how i calculate bid loss of the fund ?
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CA G. SURYANARAYANAN

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CA G. SURYANARAYANAN (Expert)
15 June 2010 There is bid loss to the chit fund. In every auction, the chit would be bid and the bidder-member will auction the chit for his desired amount. The difference between the chit value and the bid amount is known as "Kasar" that is Dividend. Out of this Kasar, the chit company would take its commission which is normally 5% of the Chit value and the balance would be distributed to the Members of the particular chit as a deduction on their subsequent chit dues for the month. Until then the amount will be credited to chit kasar payable account.

CA G. SURYANARAYANAN
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