I.t. Assess outstanding ledger balance un secured loan and Sundry debtor( cash loan) as on 31-03-20 in books.
1.un secured loan Rs:4 lacs(name Mr.A)
2.sundry debtor (cash loan) Name Mr.B Rs: 5 lacs.
unsecured loan balance amountRs:4 lacs transferred to Sundry debtor accounting entries passed in books in f.y 20-21.
balance amount from debtor Rs:1 lacs Cash receipts in f.y.20-21.
question:
Assess above two transactions allowed in books under I.t. act
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Contra accounting entries allowed
Replies (1)
It is violated the provision of 269T, but no penalty for this type of adjustment,
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