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payment through C.B.S.

This query is : Resolved 
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(Querist)
08 September 2008 I Bussines garment total purchase credit basic suppose that my 1 purchase bill 80000/-
& supplers ask 80000/-Cash deposit my C.B.S.A/C

1-What accounting entry in puurchaser book
2- cash deposit exceed 20000/-ka kya hoga
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Jitender

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Jitender (Expert)
08 September 2008 already ans given.
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CA Pawan Goswami

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CA Pawan Goswami (Expert)
08 September 2008 At the time of purchase:-
Purchase A/c Dr. 80000
To Supplier's A/s 80000

At the time of Payment:-
Supplier's A/c Dr. 80000
To Cash A/c 80000

Cash deposited in excass of Rs. 20000 will be disallowed u/s 40A(3) of I.T. Act.
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CA Rajesh S

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CA Rajesh S (Expert)
10 September 2008 Cash deposited in excess of Rs. 20 K will be disallowed u/s 40A(3)
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