regarding negative cash in books

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Going...to be C.A soon...
1624 Points Posted on 28 June 2007

hi all,

i m maintaining accounts of a partnership firm and on 31-3-07 i found that there was negative cash balance in books in some dates. can u tell me what is the remedies for the same. what can i do for that?

and can i show unsecured loan in books if yes what is the procedure for doing the same i mean what documents is prepared for the same

thx

gaurav

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On 28 June 2007 at 02:20 Report
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CHARTERED ACCOUNTANT
24 Points Posted on 28 June 2007
If there be any parters' drawings, post pone the date of drawings to a date when there is sufficient debit balance in cash account. If any cash outflow, say bulk payments, can be posted to any other date, try that also.
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On 28 June 2007 at 03:15
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3134 Points Posted on 29 June 2007
Negative Cash Is not allowed under any circumstance,Do u have ever negative balance in your pocket,Rectify this with Cashier and Partner,ceo,md,concerned authority.somebody must lent money to spend.
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On 29 June 2007 at 01:03
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practice
78 Points Posted on 29 June 2007
PASS CASH RECEIPT ENTRIES BELOW 20,000 PER PERSON AS UNSECURED LOAN IN DIFFERENT DATES . LOAN CAN NOT BE TAKEN IN CASH MORE THAN 20,000.
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On 29 June 2007 at 02:04
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433 Points Posted on 30 June 2007
You can taken loan from partners but you have to sure that on which date they have withdrawn from their Personal bank A/c so first you to check Statement of bank A/c of Partner Personal Saving A\c
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On 30 June 2007 at 03:18

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