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Paytm cash..
We have seen the growth of e-shopping so will paytm cash or any other cash backs if in a substantial amount on 31st march form part as asset of an individual's balance sheet...
Replies (10)
yes as per my opinion its current asset and hence balance outstanding shall be part of individuals balance sheet
Under Current Asset as Cash Balance with Others
Is there anything written in legal terms for such virtual money ??
The balance in bank account is also a type of virtual money, which can be encashed when we want.
The PayTm wallet cashback can also be encashed in several ways. So its a Current Assets definitely I think
Ok Thanks for the replies..This doubt just cropped up as i was using paytm..
but how we will record it in books like?
we will dr. the "paytm cash back"
which account to be credited whether a real account or a nominal account?
Specific expenses which were incurred had to be credited as we have cash back for them
suppose we bought a product" X" for Rs 1500 by paying actual cash of Rs 1500 and cash back was 750 so the entry will be
X-750
paytm cash back-750....dr
to
Cash/Bank-1500
hence effective recording of the asset will be at Rs 750 and Paytm Cash back an asset created..
you can the pay tm as drs also
How it can be shown as DR since i am not making a sale ..Rather purchasing on which i am getting a cash back..now the point is this can be used only for Paytm unlike Cash or Bank bqlance ..so will there be any specific treatment...
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