hello friendz....
can any one tell me the exact meaning cash base system of accounting?
i think its meaning is when u actually paid expense then record it as expense similarly for income also.
suppose
i purchased materials worth rs 50000 on six month credit from supplier on 1.02.2008.now under cash system of accounting what entry i should pass on 01.02.08?
as i have not paid i cant treat it as expense
n if i dont pass any entry then as on 31.03.2008 my balance sheet will not gice true n fair view.....
plz reply
treat assessee as individual/firm etc.
bcoz co.has to follow sec 209

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