Accounting basis in it
This query is : Resolved
21 November 2011
DEAR SIR,
WHAT IS ACCRUAL BASIS & RECEIPT BASIS. WHAT IS MERCANTILE SYSTEM
WHAT IS ACCRUAL BASIS & RECEIPT BASIS. WHAT IS MERCANTILE SYSTEM
21 November 2011
on 31st March U have to Pay Rent of UR Shop Rs.10000/- of Month March.
If U Entered that Rent Payable as
Rent (Expenses)Dr.
to Rent payable.
and show as Rent payable in balance Sheet then its accrual basis.
and when u entered as and when paid say paid in april, as cash basis. then cash basis/receipt basis.
and merchantile basis is nothing but accrual basis.
If U Entered that Rent Payable as
Rent (Expenses)Dr.
to Rent payable.
and show as Rent payable in balance Sheet then its accrual basis.
and when u entered as and when paid say paid in april, as cash basis. then cash basis/receipt basis.
and merchantile basis is nothing but accrual basis.
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