it assessee savings bank account show in it returns every year upto 19-20 .but f.y.20-21 AIs and tis information download details mentioned below
savings bank statement-1 rs:125136/-
savings bank account-2 rs:189458/-
current bank account-3 rs:56269/-
total rs:390863/- bank balance as on 01-04-20 .
question:
assessess f.y.20-21 bank balance open amount cash deposit transaction treatment or capital investment transaction treatment in books in it act.
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Three bank opening balance show procedure
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| Entering opening balances for multiple bank accounts is a standard year-beginning task. Here is the procedure: 1. General Principle: Opening balances are entered as of 1st April (beginning of the new financial year). They represent the closing balances of the previous year carried forward. 2. In Tally Prime / Tally ERP9: - Go to Gateway of Tally → Accounts Info → Ledgers → Select each bank ledger - Under the bank ledger, set the 'Opening Balance' field with the balance as per bank statement on 31st March of previous year - If the bank account has an overdraft (credit balance), enter it as a credit/negative opening balance - Alternatively, use: Gateway of Tally → Accounting Vouchers → Opening Entry → Debit all three bank accounts with their respective balances → Credit 'Capital Account' or 'Opening Balance Adjustment' account for the sum total 3. Journal Entry (Manual): Dr. Bank Account 1 Rs. XXXX Dr. Bank Account 2 Rs. YYYY Dr. Bank Account 3 Rs. ZZZZ Cr. Capital/Equity/Retained Earnings Rs. (XXXX+YYYY+ZZZZ) [This entry is for a new business. For an ongoing business in a new FY, the balances auto-carry forward] 4. For Ongoing Businesses (Books Continuing from Previous Year): In Tally, if it is the same company file, opening balances auto-carry from closing of previous year — no manual entry needed. Just ensure year-end closing was done correctly. 5. Bank Reconciliation: After entering opening balances, perform a bank reconciliation for each account as of 1st April to verify the opening balance matches the bank statement. Any difference should be investigated and reconciled before posting further transactions. 6. Audit Requirement: Opening balances should match the audited closing balances of the previous year — discrepancies are a red flag during audit. |
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