i.t.assess un secured loan and Sundry debtor outstanding balance as on 31-3-20 in books.
unsecured loan balance Rs:4 lacs
Sunday debtor balance Rs:5 lacs.
question:
Assess unsecured loan balance amount Rs:4 lacs transferred to Sundry debtor account adjustment f.y.20-21 allowed and accounting entries passed in books.
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Adjustment accounting entries
Replies (2)
Quick Summary
Adjusting wont get u in a problem unless the party concerned is the same party...otherwise it would be such that u are trying to distort books if parties are different.... for eg
if same party
then we can show net recevable of ruppes 1 lac
but if diff party
if would not show a true fair picture of ur balancesheet
it would show as if u are not paying 4 lac and receving less money also in future whereas ur receiving 5 lacs ...adjusting wont serve any purpose
if same party
then we can show net recevable of ruppes 1 lac
but if diff party
if would not show a true fair picture of ur balancesheet
it would show as if u are not paying 4 lac and receving less money also in future whereas ur receiving 5 lacs ...adjusting wont serve any purpose
Take a letter from debtor for it and loan holder must concur for the same.
I may suffice.
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