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Cash payment above rs. 20000.00

Suresh (accountant) (30 Points)

04 July 2013

Sir,

Please clarify, if we buy sweets for the staff of a company from a shop and the amount exceeds rs. 20000.00 . the shoppers take only cash for the purchase made for the sweets. whether this amount is allowed in books in a single day.

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4 Replies

CA AKSHAY GARG (ASSISTANT MANAGER) (362 Points)
Replied 04 July 2013

It will not Allow as it will exceed Rs 20000/- in a single day to a single person........... here it is advicable ti split the entery into 2 days............

1 Like

Rashmi S (Article Assistant) (47 Points)
Replied 04 July 2013

the amount will be disallowed

Akshata (CA Final ) (324 Points)
Replied 06 July 2013

amount will be disallowed..

Ishan kewlani (Article) (172 Points)
Replied 06 July 2013

On the date of purchase take the bills below 20,000/- & make the payment on the same day it will be allowed. I know most of the member's wouldn't agree with my view, i also thought that payment in aggregate of Rs. 20,000/- is considered to a single person in a single day, but mine this doubt was cleared by Ca Vinod Gupta Sir. So the same would be allowed.