it assessess cash loan for debtors and creditors outstanding ledger balance as on dt:31-03-23 as per account records
cash loan from creditor rs:10 lacs
cash loan to debtor rs:15 lacs
assessess f.y.23-24 creditor ledger balance transfer to debtor ledger adjustment entry passed in books .
question:
above mentioned adjustment entry transaction allowed in it act
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Loans credit vs debit book adjustment allowed in it act
Replies (1)
Adjustment can be made, however the same should be reported in form 3CD. better consult a professional.
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