Dear all
If buy more than one lakh worth goods by cash -how to account/show in cash book
Is it possible in different days below Rs 20 K for 5 days or days
Cash paymen in excess of rs.2000
Page no : 3
Jayam Ramesh K C
(Group Chiefr Accountant)
(99 Points)
Replied 23 February 2013
I really do not understand why people again and agian asking questions on cash payments. It is very simple and various people have already posted replies.
It is very clear. It is not the vouchers that matters. It is transaction which really matters. You cannot make cash transactions RS 20000.00 and above to a single person in a day. I hope everybody understands
( Jayam Ramesh K C)
Nidhiii
(Audit)
(642 Points)
Replied 01 March 2013
I also came across a similar situation with my client. There was a cash purchase of sweets for Ayudha pooja amounting to Rs.48,000. But the entry was split into three with Rs.16,000 in each case on the SAME DAY.
Case 2- MD went abroad and exchanged INR for foreign currency. Bill amount was Rs.20,500. However, there were 2 entries passed with Rs.20,000 and Rs.500 respectively on the SAME DAY.
Should these expenses be disallowed?
navinkumar naicker
(Article)
(419 Points)
Replied 05 March 2013
both the expense will be disallowed as it happened in a single day & to a same person.
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