Book adjustment entry passed allowed

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B.com
3025 Points Posted on 28 March 2024
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.
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On 28 March 2024 at 20:47 Report
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Quick Summary
This discussion examines whether a clinic can adjust an outstanding creditor loan balance against a debtor loan balance for the financial year 23-24. The consensus is that such an adjustment is not permitted, as it cannot be offset like an ITC claim. Both the creditor outstanding balance transfer and cash loans are deemed not allowed for this purpose.

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Finance
4592 Points Posted on 28 March 2024

Not allowed. Its not like ITC claim to offset liability with asset.

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On 28 March 2024 at 22:22
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Private
265 Points Posted on 29 March 2024
No Allowed and cash loan Also no Allowed.
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On 29 March 2024 at 08:12

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