Contra accounting entries allowed

245 views 1 replies
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
Replies (1)
It is violated the provision of 269T, but no penalty for this type of adjustment,


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Article Trainee

N N V Satish&co

Hyderabad

CA Inter

View Details