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Tally journal entry
My Client opted for a chit of Rs.50,00,000. Monthly premium is Rs.1,00,000 out of which Rs.70,000 is paid every month and remaining Rs.30,000 is given as dividend. After payment of 8 Installements the chit was discounted for Rs.32,50,000 where Rs.17,50,000 was left in the auction. We received Rs.31,44,690 after deducting Rs.105310 (Commission and Other Expenses). Please advice the Journal
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Identify each transaction
pass entries....
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