Deepak J (Student) (628 Points)
14 August 2013Is it correct to do cash receipt entry in receipt voucher rather than using contra voucher?
While doing Income tax audit can this be raised as critical issue?
Please help out?
Sachin Rajput
(account exe)
(593 Points)
Replied 14 August 2013
Mohan
(Accounts Mgr)
(209 Points)
Replied 14 August 2013
Ramesh
(Audit Manager)
(111 Points)
Replied 14 August 2013
NAGASAI.K
(Article Assistant)
(193 Points)
Replied 14 August 2013
In case of transactions relating to cash receipt --- receipt voucher should be used
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 14 August 2013
Agree with all... its receipt.. not contra... contra will be cash and bank transaction...
Devendra
(Chartered Accountant)
(4775 Points)
Replied 14 August 2013
Transactions of cash deposit and cash withdrawal from bank are always conra entries.
lokesh
(s)
(43 Points)
Replied 14 August 2013
Karthik Mehta
(Student)
(46 Points)
Replied 15 August 2013
Nagendra PGupta
(CA-CS & CMA)
(91 Points)
Replied 15 August 2013
Hi,
Contra entries are cash deposit & withdrawal in/from bank accounts etc. Cash receipt entry should be done using cash receipt voucher.
Dayaram Maurya
(Accountant)
(21 Points)
Replied 23 August 2014
Please Any one reply me:
Our customers directly deposit cash in to our Bank accounts, So we take entry into tally as 1) cash received in receipt voucher then 2) same amount cash deposit entry into bank by Contra voucher.
But
can it be done in short-cut way by only an received entry in to bank through receipt voucher ?
Please reply soon ...
CAclubindia
