Dear Sir Madam
Please tell "Whether a Contractor can receive cash payment from its old debtors to tune of Rs.4-5 Lacs"
Please reply immediately.
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Cash transaction querry
Replies (1)
Yes, no problem to receive cash as long as that amount is reflecting in your balance sheet as receivable from them.
If you have already written them off as 'Bad debts', then this amount received will be income for you.
From the point of view your debtors, the expenses might be disalloed to them if payment is made >20000 in a day.
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