Demonetiasation -cash dep from old savings...what is book en

This query is : Resolved

ATUL (Querist)
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06 December 2016 CASH DEPOSITED RS-240000...FROM OLD SAVINGS FROM DRAWINGS....
ON 31-3-2016....COH ON BALANCE-SHEET RS-3000.......
AS CASH DEPOSITED IN TO BANK....RS-240000...DUE TO DEMONETISATION...............

WHAT IS BOOK ...ACCOUNTING ENTRY......CA-TAX PRACTION & LAWYER CONFUSED......NOT ANSWERED...
IN SHORT....CASH DEPOSITED FROM OLD SAVING...DUE TO DEMONETISATION.......IN BALAMCE-SHEET NO CASH.....
ADD--CAPITAL INTRODUCED...CASH-DEMONETISATION
DEPOSITED TN TO BANK........

EML--LOOK4U@REDIFFMAIL.COM

sandip rai

sandip rai (Expert)
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06 December 2016 If i go basic of accounts, transaction is an event which are valuable in terms of money (which should be legal tender). Capital introduction after 8 Nov 2016 is not a transaction and therefore we may not take it at our books of accounts.

Change of currency is allow by Govt / RBI and legal tender at Hospitals, Petrol pumps etc.

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