One of my clients got the chit money and invested it in business , He got the money thru the bank which was used for business so i had to show that enrty as
Bank dr 50L To Chit co Cr 50L,
Now chit co name is under current liabilities , Is the entry correct ? Should i show the Chit co as Liab or Credit the Cap a/c ?
CAclubindia
