it assessess cash on balance finical year March ending
example:
cash balance as per books rs:100/-
cash balance as per physically rs:120/-
question:
assessess difference amount adjustment compulsory.
No question of adjustment, but need to check the reason for variance, if the difference is remarkable.
Excess cash found in Company is illegal. GST is applicable @ a higher rate for items sold by that company. If Govt Agency recovers cash, then a penalty will also be imposed. Income tax is also applicable.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
