A business person purchases of site valure Rs:22 lacs.but cash on hand avalible balance Rs:15 lacs show in books as on site purchases date.
cash balance difference Rs:7 lacs adjustment options mentioned below.
1.cash loan received from different persons(rs:20,000*35 members)
2.cash sales increased in books.
3.cash gifts received from realitives .
a person above mentioned three options correct method allowed in i.t.act.
You may use following ways-
1. cut or reduce cash expenses/purchase early date - 30%
2. take unsecured loans from relatives or friends - 40%
3. increase cash sales - 30%
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