I.t. individual status return filed assess cash on hand balance as on 28-02-21 Rs:10 lacs in books.assess cash balance transfer to capital account as on 31-03-21 and reverse entries 1st April -21 passed in books allowed in I.t. act.
Question:
above transactions accounting entries passed procedure in books .
Menu
Accounting entries passed
Replies (1)
Hi,
Accounting is correct but 10 lakhs you show as drawings in books of account on 31/03/2021, to reverse that entry proprietor must have other source of income.
In case of assessment proprietor will be in trouble.
better not to reverse the entry on April 2021.
Recent Topics :
- Self assessment tax paid not reflected in ITR2 fil
- Tax on nps corpus
- Tired converting GSTR-1, 2B & 3B to Clean Exce
- TDS on under construction property not deducted
- GST on Fixed Assets
- GST ITC april 22
- GST PAYMENT REGARDING
- GST Consultation Required – June–Augus
- TDS Code for Salary Payment to Non-Resident Intern
- TDS on property
Related Topics :
CAclubindia
