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Cash Received Rs.1,00,000 as cash from Sundry Debtors

Dharshini (Student) (23 Points)

01 October 2021  

Amount Rs. 1,00,000 received in the form of cash from the Sundry Debtor ( Single party ) in the way of  Rs.10,000 p.m for 10 months . Is this correct ? or what are the step to be taken for this.

Another one, a concern receives cash of Rs.2,40,000 from different parties i.e.Rs.10000 from each party . is this any issue?

 4 Replies

Ankita Jain (CA in practice) (175 Points)
Replied 01 October 2021

In the first case, you are receiving payment below 2L during the year, so there is no issue in receiving cash of Rs. 1,00,000
In second case, you have received 2,40,000 "from different parties", therefore, no need to worry.
There is no problem in both the cases
1 Like

Dharshini (Student) (23 Points)
Replied 01 October 2021

If a concern receiveing  cash of Rs.1,50,000 as single payment from the Single Debtor. Is this correct

Ankita Jain (CA in practice) (175 Points)
Replied 01 October 2021

In my view, there is no problem in this, if the limit stays within Rs. 2L

B RAMA KRISHNA (Assistant Accounts Officer (Retd) in Electricity Department )   (90 Points)
Replied 04 October 2021

Sir if Receiver allowed for receipt cash less than 2 lcs payer is also allowed for payment cash vice-versa

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