Debtors collection after 8th November

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Kapil Gala (Querist)
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15 November 2016 sir I am doing a whole sale business.My issue is that we have outstanding with our debtors which are ready to pay in old notes. We received many amt in Cash and then we deposit the same into our current account on regular basis. My question is whether I can take the amt in Cash from my party and deposit the same into our bank account .You can say cash received from 15th November. If no ,what can be done . if yes what precaution and records need to be kept. pls revert asap we are not accepting it after 8th November but our business

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 November 2016 You can't accept old notes after 8th. So ask your debtors deposit their money in their bank ac and transfer it to you through bank.

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Debtors collection after 8th November

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