Sec 269ss and sec 269t applicable journal entries
This query is : Resolved
Kollipara Sundaraiah
(Querist)
24 July 2021
Sir,
It assess cash loan creditor and debtor outstanding ledger balance as on dt:31-03-21 (in f.y.20-21)in books
Cash loan from creditor (name Mr.A)Rs:3 lacs
Cash loan to debtor (name Mr.B)Rs:4 lacs.
1.Cash loan from creditor ledger outstanding balance amount transferred to cash loan to debtor account balance adjustment journal entries passed in books f.y.21-22
2.remaing cash loan to debtor balance rs:1 lacs cash received.
Question:
1.journal entry passed in books allowed in it act and sec 269ss and sec 269t provision applicable.
2.remaing balance cash received allowed
It assess cash loan creditor and debtor outstanding ledger balance as on dt:31-03-21 (in f.y.20-21)in books
Cash loan from creditor (name Mr.A)Rs:3 lacs
Cash loan to debtor (name Mr.B)Rs:4 lacs.
1.Cash loan from creditor ledger outstanding balance amount transferred to cash loan to debtor account balance adjustment journal entries passed in books f.y.21-22
2.remaing cash loan to debtor balance rs:1 lacs cash received.
Question:
1.journal entry passed in books allowed in it act and sec 269ss and sec 269t provision applicable.
2.remaing balance cash received allowed
CMA Poornima Madhava
(Expert)
24 July 2021
No violation of 269SS and 269T on book adjustment (journal) entries.
The remaining cash receipt is also not a violation for the lender.
But acceptance and repayment of loan in cash >=20k is violation for the borrower.
The remaining cash receipt is also not a violation for the lender.
But acceptance and repayment of loan in cash >=20k is violation for the borrower.
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