Cash basis accounting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 April 2014
Hello sir,
if i follow cash method for accounting, then can i pass the entry for provision like march salary paid in april so there is entry for salary payable
if i follow cash method for accounting, then can i pass the entry for provision like march salary paid in april so there is entry for salary payable
10 April 2014
No, you are allowed to either follow cash basis or accrual basis of accounting. Hybrid accounting is not allowed.
Logically also in a year you will pay 12 times salary and other expenses. You cannot say that i paid 12 months expenses in cash and 13th month expenses shall be booked on accrual basis for March.
Logically also in a year you will pay 12 times salary and other expenses. You cannot say that i paid 12 months expenses in cash and 13th month expenses shall be booked on accrual basis for March.
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