Chit account
This query is : Resolved
12 May 2018
HAI GUYS,
HOW TO ACCOUNT THE CHIT IN THE INDIVIDUAL BOOKS FOR THOSE WHO SUBSCRIBE THE CHIT.
ALSO HOW TO ACCOUNT THE PREMIUM PAYMENT AND DISCOUNT IN THE INDIVIDUAL BOOKS OF ACCOUNT?
AS OF MY OPINION AND VIEW IS TREAT AS INVESTMENT TILL PAYING THE MONTHLY PREMIUM PAID IN THE CURRENT ASSETS AND AFTER DISCOUNTING EITHER TREAT IT AS UNSECURED LOANS OR UNDER SUNDRY CREDITORS HEAD. IS IT CORRECT?
HOW TO ACCOUNT THE CHIT IN THE INDIVIDUAL BOOKS FOR THOSE WHO SUBSCRIBE THE CHIT.
ALSO HOW TO ACCOUNT THE PREMIUM PAYMENT AND DISCOUNT IN THE INDIVIDUAL BOOKS OF ACCOUNT?
AS OF MY OPINION AND VIEW IS TREAT AS INVESTMENT TILL PAYING THE MONTHLY PREMIUM PAID IN THE CURRENT ASSETS AND AFTER DISCOUNTING EITHER TREAT IT AS UNSECURED LOANS OR UNDER SUNDRY CREDITORS HEAD. IS IT CORRECT?
13 May 2018
You are right for treatment of payment. on discounting, it is to be treated as In-secured loan
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