banner_ad

Cash account

Others 631 views 7 replies
User Avatar

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 ??
0 Reply Share Follow
On 03 October 2022 at 13:18 Report
Replies (7)
User Avatar

Profession Business
28207 Points Posted on 04 October 2022
Stale notes charged to profit and loss.
1 Reply
On 04 October 2022 at 22:28
User Avatar

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)
1 Reply
On 05 October 2022 at 12:13
User Avatar

1359 Points Posted on 05 October 2022
Can we debit it in demonitization loss a/c ??
Reply
On 05 October 2022 at 13:57
User Avatar

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.
1 Reply
On 05 October 2022 at 14:00
User Avatar

1359 Points Posted on 05 October 2022
Can we get tax deduction as business expenses
Reply
On 05 October 2022 at 16:55
User Avatar

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.

Reply
On 07 October 2022 at 08:45
User Avatar

2 Points Posted on 19 October 2022

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

Reply
On 19 October 2022 at 07:39


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details