Chit fund accounting Entry in books
This query is : Resolved
09 June 2022
Hi,
1. If purpose of company to invest in chit fund is for obtaining fund for business purpose then while making subscription payment every month whether such payment will be treated as Investment or posted in current assets?
2. Any dividend received is adjusted again chit fund account or posted under profit & loss account?
Thank You
1. If purpose of company to invest in chit fund is for obtaining fund for business purpose then while making subscription payment every month whether such payment will be treated as Investment or posted in current assets?
2. Any dividend received is adjusted again chit fund account or posted under profit & loss account?
Thank You
10 June 2022
1 Treat it as current assets.
2 Dividend received post it under profit and loss account.
2 Dividend received post it under profit and loss account.
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