it assessess maintained a private hospital advance fees receipts from different patients rs:10 lacs and cash balance year ended March rs:40 lacs f.y.22-23.
question:
1.advance from different patients rs:10 lacs amount profit and loss account added or balance sheet show correct procedure
2.cash balance rs:40 lacs limit provision applicable in it act
1.balanxe sheet - liabilities - advance from patients 10L
2. no limit in it act. you can keep 10000 cr cash as well
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