Date of recording payment and receipt
Chintan Ravasa (Student CA IPC / IPCC) (36 Points)
22 March 2017Chintan Ravasa (Student CA IPC / IPCC) (36 Points)
22 March 2017
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 22 March 2017
It's better to a/c it on 31.03.17 anyhow the same will be shown in BRS
CA Amrita Chattopadhyay
(Audit & Assurance)
(13029 Points)
Replied 23 March 2017
In the case of payment, the date of recording shall be the date of cheque i.,e 31.03.2017.
In the case of receipt, the date of recording shall be 05.04.2017. Anyways in the amount if not reflected in the books will be shown in the Bank Reconciliation Statement
Chintan Ravasa
(Student CA IPC / IPCC)
(36 Points)
Replied 23 March 2017
CA Amrita Chattopadhyay
(Audit & Assurance)
(13029 Points)
Replied 24 March 2017
While making the payment, you need to debit the party and credit the cash. But while booking of expenses for the services / goods taken from the creditor, you need to debit the expense and credit the party
Step 1 : Booking of expense
Step 2: Making the payment
In case of advance payment the steps would be reversed.
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