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Cash account

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1359 Points Posted on 03 October 2022
how do you account for a loss if a firm has a old currency (demonitized ) note and they don't exchange in that time no this note doesn't have any value how do we record this ??
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On 03 October 2022 at 13:18 Report
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Profession Business
28207 Points Posted on 04 October 2022
Stale notes charged to profit and loss.
44 Reply
On 04 October 2022 at 22:28
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790 Points Posted on 05 October 2022
Profit and loss A/c Debit (loss in value of notes)
To Cash A/c (cash is useless so reduce the balance)
2 Reply
On 05 October 2022 at 12:13
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1359 Points Posted on 05 October 2022
Can we debit it in demonitization loss a/c ??
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On 05 October 2022 at 13:57
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790 Points Posted on 05 October 2022
You can use whatever name you want for the ledger...It will ultimately be debited to Profit and loss account as a loss.
2 Reply
On 05 October 2022 at 14:00
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1359 Points Posted on 05 October 2022
Can we get tax deduction as business expenses
1 Reply
On 05 October 2022 at 16:55
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2 Points Posted on 07 October 2022

No, because you had to exchange the old currency note within the specified time prescribed by the Government.

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On 07 October 2022 at 08:45
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2 Points Posted on 19 October 2022

Please tell me a how to create project wise expenses in tally 

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On 19 October 2022 at 07:39


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