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19 June 2009 Due to survey I have to declare Net Income of Rs. 1 lac on the unaccounted sales of Rs. 5 lacs. What accounting entry for the net income of Rs. 1 lac , I should pass in the books of accounts?
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CA. PRASAD

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CA. PRASAD (Expert)
20 June 2009 the entry will be as follows:

CASH A/C.......DR. RS. 1,00,000
TO SALES A/C. RS. 1,00,000

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