hello friends,
Help me what is the accounting treatment for the following example Suppose i have taken a chit from a company for Rs 2500000/- every month i have to pay 50000/- Rs towards it now past 4 month iam paying 32500/- Rs only and iam getting a dividend of Rs 17500/- but the company is crediting me with 50000*4months 200000/- Rs the dividend amt anyways decreases every month till the payment of it and i have to pay for 50 months so, what will be the treatment for this as now iam paying only 32500/- towards chit i should consider it as fixed deposit only and the dividend which iam getting from the company should i consider and recognise or not plz help if some more infomation required plz reply me.
CAclubindia
