28 December 2020
A retail rice goods business i t assess purchases of site value rs:22 lacs.but cash balance in books available rs:15 lacs as on site purchases date. Question: Assess difference amount rs:7 lacs how to adjustment produce in books. 1.cash sales increase or 2.cash loan received from difference persons (19,000/- *30 members) or 3.cash gift received from realities. Above three options correct methods cash adjustment safe and allowed in i.t.act.
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