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

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Student
23 Points Posted on 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?

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On 01 October 2021 at 11:15 Report
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CA in practice
185 Points Posted on 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
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On 01 October 2021 at 12:38
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Student
23 Points Posted on 01 October 2021

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

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On 01 October 2021 at 15:24
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CA in practice
185 Points Posted on 01 October 2021
In my view, there is no problem in this, if the limit stays within Rs. 2L
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On 01 October 2021 at 15:54
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Assistant Accounts Officer (Retd) in Ele
106 Points Posted on 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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On 04 October 2021 at 14:50
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Account Executive
85 Points Posted on 02 April 2022
1 )if cash rec'd up to 2L then there is no issue for single party ,in 2nd issue cash rec'd different party so no issue as pee act
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On 02 April 2022 at 22:33

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