Gift transaction mistake treatment cash loan in books

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B.com
3025 Points Posted on 31 October 2021
it assess cash gift to brother rs:15 lacs through on online mode pay in f.y.19-20.
if assess brother above transaction mistake treatment cash loan from brother in f.y.19-20 show in books.
question:
above transactions how to adjustment procedure books in f.y.20-21 for both Assess.
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On 31 October 2021 at 22:21 Report
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Quick Summary
This discussion addresses a common accounting error where a cash gift to a brother was incorrectly recorded as a loan. The query seeks the correct procedure to adjust this transaction in the books for the financial year 20-21. The proposed solution involves transferring the loan amount into the capital account, which received agreement from multiple participants.

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ca
603 Points Posted on 31 October 2021
Trasfer the loan amount into capital account
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On 31 October 2021 at 23:53
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Chartered Accountant
24588 Points Posted on 01 November 2021
Agree with above comment
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On 01 November 2021 at 05:50
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CA
10436 Points Posted on 01 November 2021
I also agree
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On 01 November 2021 at 07:08
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Chartered Accountant
24588 Points Posted on 03 November 2021
Yes ..
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On 03 November 2021 at 12:36

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