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Accounting entries passed


kollipara sundaraiah (B.com)     28 February 2021

kollipara sundaraiah
B.com 
 19 likes  1170 points

| My Other Post
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 .
Amit Potadar

Amit Potadar (Consultant)     02 March 2021

Amit Potadar
Consultant 
 7 likes  130 points

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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.


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