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Accured interest

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(Querist)
18 April 2012 Is "accured interest" recvable ir recogonised in cash system of accounting.
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CA Dileep Surya Kumar

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CA Dileep Surya Kumar (Expert)
18 April 2012 NO. In cash system of accounting transactions are recognized when cash is paid/ received.
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
18 April 2012 accrued interest calculation means receivable or payable which is use in mercantile system

so whenever interest paid or received then do entry in your book of account in cash basis
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Rahul kumar

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Rahul kumar (Querist)
18 April 2012 Dear dileep ji but what about "conservatism concept". Exp ko to recogonise karna parega.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
20 April 2012 All the experts are correct and it is not to be included in cash system of accounting. This is to be accounted for only when it is received.
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