Chit fund amount, chit group, chit fund–agreement, chit schemes, chit money, chit system

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CHIT TRANSACTIONS CHIT INVESTMENT


CHIT TRANSACTIONS If

face loss at the end of 3 year chit period, can the monthly contributions over the previous 2 investment years can be taken as expense. Are the monthly chit installments or contributions treated as normal expense or loan expense.


Otherwise

Transfer all the Dividends received for the entire chit period to a which is under liabilities side of the Balance Sheet and then At the time of Lifting the Chit.




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