cash deposit into back 40.000
Answers
Answered by
0
Answer:
No person shall accept any loan or deposit in a single day from another person in any form other than account payee cheque or bank draft, if aggregate amount involved is more than Rs 20,000. This provision has come into force to counteract the evasion of tax by mode of acceptance of money in certain cases. The objective is to prevent transactions in currency thereby allowing account payee cheque and bank draft for allowable transactions.
Answered by
1
Answer:
Bank a/ c Dr. 40000
to cash a/c 40000
cash deposit in bank
note it's a Contra entry
Similar questions