Piyush Sancheti (HEAD TAXATION CHEMICAL MFG CO) (307 Points)
11 September 2013friends, i have to pass one adjustment journal entry.
Whether Journal Entry/Book Entry is Allowed for Rs.(say)10 Lakhs. u/s.269SS or 269 T. or only Cheque entries is allowed. which type of remark auditor should give for such transaction.?
Baburao Ganpatrao Apte
(Articled Assistant)
(35 Points)
Replied 11 September 2013
| Originally posted by : Piyush Sancheti | ||
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friends, i have to pass one adjustment journal entry. Whether Journal Entry/Book Entry is Allowed for Rs.(say)10 Lakhs. u/s.269SS or 269 T. or only Cheque entries is allowed. which type of remark auditor should give for such transaction.? |
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The Journal entry is passed in a regular manner. In the same way an entry is passed when you grant or take/accept a loan! 269SS and 269T only requires us to DISCLOSE the same in Form 3CD. It is just meant for reporting purpose. The Journal entry for the same, in my opinion, would be the same!
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