I help my friend by paying Rs 1lac in cash. now he return me in my bank account.I am confuse what entry to be shown in tally in this type of situation as this is not my income. Please guide
02 September 2022
When you paid cash to your friend, how it was accounted in your books? Did you know that your friend cannot accept cash loan equal to or more then Rs.20,000? He is correct for repayment of loan amount by bank transfer... For you it can be either loan received back, or added to income.
02 September 2022
You report it as loan of total amount, better match the amount and date/s with your friend's books. Get loan confirmation letter from him/her.
CAclubindia
