Accured interest
This query is : Resolved
Rahul kumar
(Querist)
18 April 2012
Is "accured interest" recvable ir recogonised in cash system of accounting.
18 April 2012
NO. In cash system of accounting transactions are recognized when cash is paid/ received.
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
so whenever interest paid or received then do entry in your book of account in cash basis
Rahul kumar
(Querist)
18 April 2012
Dear dileep ji but what about "conservatism concept". Exp ko to recogonise karna parega.
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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