How to account Investment in Chits

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G.N.V.D.Kiran

G.N.V.D.Kiran (Querist)
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27 November 2008 We are running a rice mill we joined in a chit and got auctioned the chit and the auction amount received through chit was invested for rice mill machinery how to account these transactions

Chit Value - 20,00,000
Amount Received - 14,00,000

How to account chit dividend and bid loss

bid loss to deferred to Chit instalments or whole bid loss shown as loss in which the year the chit auctioned please clarify

Taranjit Singh

Taranjit Singh (Expert)
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07 October 2009 Hello, is this an old query still pending? You can send me a Pm if yes....I m trying to take all old pending queries in Accounting Forum......Thanx.

Taranjit Singh

Taranjit Singh (Expert)
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07 October 2009 Hello, is this an old query still pending? You can send me a Pm if yes....I m trying to take all old pending queries in Accounting Forum......Thanx.

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