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System of accounting
If a educational institution prepares BRS (Bank Reconcilation Statement) then which will be the system of accounting of the institution. whether cash basis or mercantile????
Replies (4)
Mercantile system is followed
thank you sir
but in the balance sheet we shows bank balance after debuting the outflows
as per cash basis system we should record when cash inflow or out flow take plase
but in the balance sheet we shows bank balance after debuting the outflows
as per cash basis system we should record when cash inflow or out flow take plase
There can not be BRS where cash system of accounting is followed. it has to be mercantile basis only
Thank you sir , now I cleared
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