Cash System of Accounting
This query is : Resolved
27 March 2009
Cash system of accounting is being followed by school.
It has purchased Assets worth Rs. 100000 /- but has made payment only for RS. 80000 /- in current financial year and balance Rs. 20000 /- is paid on next financial year. Please clarify at what value we have to stand Asset in our books whether at Rs. 80000 /- or at Rs. 100000 /-
It has purchased Assets worth Rs. 100000 /- but has made payment only for RS. 80000 /- in current financial year and balance Rs. 20000 /- is paid on next financial year. Please clarify at what value we have to stand Asset in our books whether at Rs. 80000 /- or at Rs. 100000 /-
27 March 2009
Cash System Of accounting 80000/- Axctual Amount Paid.
28 March 2009
In the School they are preparing Receipts and Payment account there for in the balance sheet they will show only 80000 and when they paid 20k they will show 1 lacs
28 March 2009
Asset will be shown as capital Work in progress at Rs.80,000/- & in the next year it will be trasferred to the asset account after havng treated Rs.20,000/-
28 March 2009
80000.
01 April 2009
i agree with Laxmi N. Sahu
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Non-Compliance documents have not been submitted by the contractors debited
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- EXPORT COMMERCIAL INVOICE HSN CODE
- FCRA 6 E- Intimation
- Bank details not Visible on Traces Portal
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
