ABC is gold and diamond trading firm and X is its neighbor .. in31/03/ 2019 ABC's electricity bill was of 2 lacs and in 01/01/2020 the firm get to know that its neighbor X is using ABC electricity so after giving legal notice to X . he settle this matter in 50 thousand and give 50000 to firm(ABC) so what is the journal entry for money received and does this settlement money is taxable
in other words Mr.X is Thefting ABC's electricity after the firm get to know about it ABC file a suit against MR.X and MR.X have to compensate ABC by giving 50000 rs so what are the journal entry for it ???
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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