Accounting entries passed
Kollipara Sundaraiah (B.com) (2963 Points)
28 February 2021Question:
above transactions accounting entries passed procedure in books .
Kollipara Sundaraiah (B.com) (2963 Points)
28 February 2021
Amit Potadar
(Consultant)
(135 Points)
Replied 02 March 2021
Hi,
Accounting is correct but 10 lakhs you show as drawings in books of account on 31/03/2021, to reverse that entry proprietor must have other source of income.
In case of assessment proprietor will be in trouble.
better not to reverse the entry on April 2021.
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