Fake notes
This query is : Resolved
02 February 2013
Hii Friends,
One of our client has received Fake note from its customer...And they booked it under cash payments under misc exp Head is it Right treatment? How it should be treated?
THANKS IN ADVANCE
One of our client has received Fake note from its customer...And they booked it under cash payments under misc exp Head is it Right treatment? How it should be treated?
THANKS IN ADVANCE
08 February 2013
Any reduction of cash has to be accounted only in two ways i.e. either as a payment or as a deposit in books.
Hence, write off the fake currency will be shown as a cash payment in books.
If the amount is not material, it may be shown under misc exp. But if the the amount is material / if u think it has to be disclosed separately, then show it under write off of cash.
Hence, write off the fake currency will be shown as a cash payment in books.
If the amount is not material, it may be shown under misc exp. But if the the amount is material / if u think it has to be disclosed separately, then show it under write off of cash.
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