Sir,
Q.no.1. one I t. Person maximum cash on hand limit show in balance sheet at the end of the finicial year(March) in income tax act.
Q.no.2 one I.t. and gst registered trader maintained account ( Daybook and ledgers accounts) up to date.if a trader mistake some amount ₹ 5 lacs(five lacs) cash deposit in bank sb account.but negative cash balance show in daybook.
How to slove the cash balance negative problem in daybook.
Understanding Cash Limits on Balance Sheets & Resolving Negative Balances: Consult a Chartered Accountant for Expert Advice A user inquired about the maximum cash on hand limit that can be shown in a balance sheet at the end of the financial year under the Income Tax Act. Additionally, they sought advice on resolving a negative cash balance issue in a daybook, which occurred after mistakenly depositing 5 lakhs in a bank account. The response advised consulting a practicing Chartered Accountant for guidance on these accounting and tax-related matters. (AI Summary)
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