Repay debt in bank account

This query is : Resolved

Ashim kr Ray (Querist)
Follow

01 September 2022 Sir,

I help my friend by paying Rs 1lac in cash.
now he return me in my bank account.I am confuse what entry to be shown in tally in this type of situation as this is not my income.
Please guide

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

02 September 2022 When you paid cash to your friend, how it was accounted in your books?
Did you know that your friend cannot accept cash loan equal to or more then Rs.20,000?
He is correct for repayment of loan amount by bank transfer...
For you it can be either loan received back, or added to income.

Message likes : 1 times

Ashim kr Ray

Ashim kr Ray (Querist)
Follow

02 September 2022 Sir,
What if somebody take cash of rs 20000, and repay by bank account.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

02 September 2022 Yes, but only if the loan amount is below Rs. 20,000/- at any time.

Message likes : 1 times

Ashim kr Ray

Ashim kr Ray (Querist)
Follow

02 September 2022 Sir
in that case what will be the entry in tally.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

02 September 2022 You report it as loan of total amount, better match the amount and date/s with your friend's books. Get loan confirmation letter from him/her.

Message likes : 2 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now