Dear Sir,
in financial Year 2012-2013, my firm is in loss , i do not want to file loss return , i have made expenses by mode of cheque , if i dont want to book expenses aginst payment made by cheque , if i dont book expenses party stands with debit balances , can i make entry as cash refunded from party to clear this debit balances. Please give your sugesstions.
Dear
Any how you have to show the Bank Balance & BRS is it not ! If so what you will do then. If cashhas been refunded it has to be shown as Credit in you cash book. Ensure that if you make a rectification/reversal entry it should not affect in various aspects.
N N V Satish & Co.,
Hyderabad
CA Inter
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