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Accrual or cash method

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 October 2015 Is withdrawal relating to a particular year is admissible in that year itself irrespective of whether it is actually received or not, or only cash method of withdrawal is valid ?

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Amol S Joglekar

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Amol S Joglekar (Expert)
16 October 2015 IT is allowed as per the method of accounting employed. If the method is CASH, then cash withdrawls are accounted for as and when actually received.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
16 October 2015 Sec 145 permits accrual or cash method ( only for professionals)and permitted to be admissible in year of withdrwaal



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RAHULSMITTAL

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RAHULSMITTAL (Expert)
16 October 2015 Please provide more information regarding withdrwal.- bank withdrwal or transfer to some one else account or whatever it is
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Querist : Anonymous

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Querist : Anonymous (Querist)
17 October 2015 someone else account
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RAHULSMITTAL

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RAHULSMITTAL (Expert)
17 October 2015 Show it as advance for something...
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Querist : Anonymous

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Querist : Anonymous (Querist)
19 October 2015 what is difference in accounting entry if it is bank withdrawal or less from owners'capital account

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