01 July 2024
IS FUNDS TRANSFER BY WAY OF CASH POSSIBLE BETWEEN TWO PRIVATE LIMITED COMPANIES WHERE IN BOTH THE COMPANIES THE DIRECTOR IS THE SAME PERSON WITH MAJORITY SHAREHOLDER.
TRANSFER OF FUNDS BY WAY OF CASH IS REQUIRED TO MEET URGENT BUSINESS PAYMENTS IN ONE OF THE COMPANY AND BOTH THE COMPANIES ARE ENGAGED IN THE SAME TYPE OF BUSINESS.
QUERY IS :
1. IF YES , HOW TO RECORD THE TRANSACTION IN THE BOOKS OF ACCOUNT ?
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