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Bank Closing balance

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(Querist)
16 November 2010 Dear Experts,

Mr. X has finalized accounts of a Pvt Limited co with a closing balances of bank & credit cards as per company balance. is this correct?

Co director is using 6 credit cards & Mr. X has shown all cards credit balance under loans liability. is this correct?

What is the correct treatment for the above.

if the books of accounts are audited as per the above practice is there any issue?

pls clarify,
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CA Navin Jain

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CA Navin Jain (Expert)
16 November 2010 generally books of accounts are finalize with closing balance as per company but subject to bank reconciliation
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Ram Avtar Singh

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Ram Avtar Singh (Expert)
16 November 2010 Its right procedure,
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