GST Course
CA Final Online Classes
CA Classes

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Sec 269ss and 269t applicable of contra entry

This query is : Resolved 

It assess ledger balance as on 31-03-2021(20-21) in accounting books parties details mentioned below
Cash loan from creditor balance rs:5 lacs
Cash loan to debtor balance rs:6 lacs.
Assess creditor balance amount rs:5 lacs transferred to debtor balance account Contra entry passed in books in f.y.21-22.
Above transactions allowed in it act and sec 269ss and sec 269t provisions applicable.

Query is a bit confusing!
1) Have you received cash of Rs.5 lacs from creditors?
2) Similarly, have you paid cash of Rs.6 lacs to debtors?
Book adjustment is not a contra entry.

Above transaction allowed in IT Act.
Sec 269ss and sec 269t provisions not applicable.

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

Similar Resolved Queries


Trending Tags