26 March 2021
Sir, It Assess accounting books outstanding balance as on 31-03-20. Cash loan from friend balance rs: 5 lacs.(name Mr.A) Cash loan to friend balance rs:4 lacs(name Mr.b) Cash loan from friend Rs: 5 lacs balance cash loan to friend Rs:4 lacs Contra adjustment accounting entries passed in books as on 31-3-21. Question: 1.Assess above contact accounting transactions allowed in it act. 2.sec 269st or 269ss applicable
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