Accounting method

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2015 Can someone shown withdrawal amount from his business after the end of 31st march of preceding year (after 4-5 months and after preparation of accounts) on accrual basis without cash or bank transaction.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)

25 October 2015 How will you show this then

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2015 Is it not possible before accounts - audit preparation and if withdrawal left out by mistake.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)

26 October 2015 but how that will be without effecting cash or bank

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2015 then is any other mode for showing withdrawal

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)

26 October 2015 I don't think so anything left.......

what type of entry you forget to show

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2015 actually earlier withdrawal are taken as accural system and for last year accountant left it by mistake, and now accounts are under audit, so as per scrutiny purpose, is that attract demand liability ?

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)

27 October 2015 I truly didn't got your point.. withdrawal cant b on accrual basis.. it always on actual or cash basis

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