Cash System of Accounting
This query is : Resolved
rahul baidmutha
(Querist)
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 /-
C A GROUP COACHING
(Expert)
27 March 2009
Cash System Of accounting 80000/- Axctual Amount Paid.
CA. Amit Daga
(Expert)
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
Laxmi Narayana Sahu
(Expert)
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/-
CA Tilak Raj Sharma
(Expert)
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
