hi One and all,
A Schoo firm has collected 10 lakhs and it is not shown in the account.it is black cash, but its accountant has directly deposited the cash in Bank. how to rectify that huge amount
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Rectification entry
Replies (3)
hello ashok,
first off all tell the source of 10 lakhs income.
The School Collected in the form Fees(Not Recordable)
Collect name of the 500 local villegers and prepare a false donation registration.
Entry like Donation receive from this vilegers of Rs 20,000 each.
so the entire amount become donation hence not taxable
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