i want to know if a Pvt Ltd Company received a sum of rs 300000 or 400000 in cash what will be the possibles accounting treatements in the books of Company
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Queries for accounting treatment
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Entries canot be passed on possibilities, there should be a transaction for which entries in books of account is made,
Receiving Cash we will debit cash, and the second entry effect may be made for the purpose for which the cash has been received, it could be received from debtors, received from supplier for advance, Received as loans from parties, etc...
Note: Cash Transaction above Rs. 20000/- should not be entered into, instead for amount if more than Rs. 20000/- it is advisable to receive it by cheque or DD not through Cash.
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