sec 40A(3)
This query is : Resolved
02 December 2010
hi,
My question is whether sec 40A(3) is applicable for cash deposited in bank account exceeding RS 20000 instead of making cash payment direct to Debtor.
eg Mr X(Punjab) sell goods to Mr y(Delhi) amounted to Rs. 50000.Now Mr Y deposited cash Rs. 50000 to the bank account of MR X.
My question is that what entry should passed in accounts?
what is the correct accounting treatment in this case.
thanks & Regards
Vishal
My question is whether sec 40A(3) is applicable for cash deposited in bank account exceeding RS 20000 instead of making cash payment direct to Debtor.
eg Mr X(Punjab) sell goods to Mr y(Delhi) amounted to Rs. 50000.Now Mr Y deposited cash Rs. 50000 to the bank account of MR X.
My question is that what entry should passed in accounts?
what is the correct accounting treatment in this case.
thanks & Regards
Vishal
02 December 2010
You query has been answered in the forum section
https://www.caclubindia.com/forum/sec-40a-3--115013.asp
40A(3) will be attracted.
https://www.caclubindia.com/forum/sec-40a-3--115013.asp
40A(3) will be attracted.
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