A Doctor maintained a clinic Gross receipts rs:20 lacs yearly f.y.23-24.
cash loan from creditor outstanding balance rs:13 lacs
cash loan to debtor ledger balance rs:8 lacs
cash loan to debtor ledger balance rs:5 lacs.
question:
assessess creditor outstanding balance amount transferred to debtor account ledger balance entry passed allowed or not allowed f.y.23-24.
Not allowed. Its not like ITC claim to offset liability with asset.
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