Cash in hand

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2012 Dear Expert,
One of my client is a partnership firm having 6 partners. On 31 March 2012, cash in hand of the firm is coming to 5 lacs.
Should I show the same figure of cash in hand or reduced it by appropriating it in any other entry.

Please advise me.

Ahamed

Ahamed (Expert)
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26 August 2012 You may Either show as Cash in Hand or You can show as Loan to a Partner or Partner's as on 31.03.2012,

and again you can change it to Cash from 1.04.2012.