cash and accrula accounitng
This query is : Resolved
mrityunjai pandey
(Querist)
24 December 2010
i am following cash basis of accounting:.
Q-1-Lets assume that i have made payment of50,000 in advance in February but i have received the invoice of40,000 only. Then Kindly tell me how much amount will be recognized in Profit and loss a/c.
Q-2- if payment is for 50,000 and invoice is received for 60, 000 then what would be the treatment.
Q-1-Lets assume that i have made payment of50,000 in advance in February but i have received the invoice of40,000 only. Then Kindly tell me how much amount will be recognized in Profit and loss a/c.
Q-2- if payment is for 50,000 and invoice is received for 60, 000 then what would be the treatment.
CA Ayush Agarwal
(Expert)
24 December 2010
Actually Firstly U Have Elaborate UR Question.
Accrual Basis is That Which Runs on Accrued Basis That is Whether Received/Paid or Not.It Should Be Booked in Books of Account.
and Cash Basis Depends Only on Cas.
Simpally Say.....
See Only " Cash Gaya Ya Aaya"
Accrual Basis is That Which Runs on Accrued Basis That is Whether Received/Paid or Not.It Should Be Booked in Books of Account.
and Cash Basis Depends Only on Cas.
Simpally Say.....
See Only " Cash Gaya Ya Aaya"
mrityunjai pandey
(Querist)
24 December 2010
I am simply asking that if i am following cash basis accounting and i have made a payment of Rs 50, 000 and later on i have received invoice of Rs. 40,000 only then :
1- How much amount will be recognized in Profit and loss account?
2- What would be the treatment of difference of Rs 10, 000
1- How much amount will be recognized in Profit and loss account?
2- What would be the treatment of difference of Rs 10, 000
CA ASHISH GUPTA
(Expert)
24 December 2010
Only cash payment will be recognized in P& L.
50000 in both cases
50000 in both cases
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