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Accounting treatment of black transactions


Hardik Hindocha   31 May 2020

Hardik Hindocha

 2 likes  18 points

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How to account for the following transaction in books?

Property bought for total consideration of 20,00,000 (8lac white + 12lac black)

following are the series of payment events,

• cash paid (black) is 12,00,000

• agreement is done for 8,00,000 (SDV)

• loan received from bank is 12,00,000 (8,00,000 goes to builder as white money & 4,00,000 is withdrawn to repay a part of cash loan which was taken earlier)




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