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srikumar (audit staff) (1203 Points)

15 November 2014  

dear experts

 i have doubt about journal entries for chit money paid. my client paid monthly chit money. my entries are

chit company ( currentassets) a/c dr 10000

cash a/c                                       cr      8500

chit kasar ( indirect income)            cr    1500

 

pls help above entries are correct or incorrect . every month this entry will come