Balance Sheet
This query is : Resolved
08 September 2010
Dear all,
Please let me, at the time of closing accounts, we must take bank balance as per books or as per bank according to tally.As balance as book can be less as compare to balance as per bank.
thanks
Please let me, at the time of closing accounts, we must take bank balance as per books or as per bank according to tally.As balance as book can be less as compare to balance as per bank.
thanks
Adv. R. B. Munot
(Expert)
08 September 2010
As per Accounting Standard you have to follow mercantile system of accounting. therefore as you make transactions i.e. events, it has to be accounted for. Therefore in balance sheet, closing balance as per books will appear. it may be possible to reconcile bank statements to tally closing balance as per Bank Pass Book Details as on the closing of accounts.
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