Contra accounting entries allowed
Kollipara Sundaraiah (B.com) (2963 Points)
12 February 20211.un secured loan Rs:4 lacs(name Mr.A)
2.sundry debtor (cash loan) Name Mr.B Rs: 5 lacs.
unsecured loan balance amountRs:4 lacs transferred to Sundry debtor accounting entries passed in books in f.y 20-21.
balance amount from debtor Rs:1 lacs Cash receipts in f.y.20-21.
question:
Assess above two transactions allowed in books under I.t. act