deepak kumar (sr accountant) (114 Points)
24 April 2013Dear Sir,
in financial Year 2012-2013, my firm is in loss , i do not want to file loss return , i have made expenses by mode of cheque , if i dont want to book expenses aginst payment made by cheque , if i dont book expenses party stands with debit balances , can i make entry as cash refunded from party to clear this debit balances. Please give your sugesstions.
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 24 April 2013
Dear
Any how you have to show the Bank Balance & BRS is it not ! If so what you will do then. If cashhas been refunded it has to be shown as Credit in you cash book. Ensure that if you make a rectification/reversal entry it should not affect in various aspects.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
