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How to account sale of private ltd company

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rahul karke

102 Points Posted on 23 May 2024

Information technology services are provided by company for which payment is being recieved in crypto currency...query is how to account sale in india if payment is recived in crypto

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Quick Summary

This discussion addresses how to account for the sale of a private limited company when payment is received in cryptocurrency in India. It highlights the need to understand the modus operandi of crypto currency and refers to amendments in Schedule III of the Companies Act, 2013, issued by the MCA, regarding the disclosure of crypto currency in financial statements. Users are advised to consult the relevant MCA notification and any subsequent amendments.

sabyasachi mukherjee

Profession

19978 Points Posted on 24 May 2024

First understand the modus of operandi of crypto currency.

prasad Nilugal

GST Practitioner & Accounts

8998 Points Posted on 24 May 2024

Amendments in schedule III of the Companies Act has been issued by the MCA vide notification dated 24 th March 2021 , wherein it has been stated, how to disclose Crypto Currency in the Financial Statements, So refer notification. Also check any amendments in the notification till date .

Good Luck .