Cash System of accounting
This query is : Resolved
Naresh Kedia
(Querist)
13 October 2007
in cash system whether depreciation should be provided or not. If provided why?
S.RAVICHANDRAN
(Expert)
13 October 2007
In cash system of accounting , only actual cash payments and receipts are recorded. So, there is no place for depreciation which is a non cash expenditure.The accountant should not write depreciation.
However the auditor can claim depreciation in the Income adjusted statement as per the IT rates prevailing.
However the auditor can claim depreciation in the Income adjusted statement as per the IT rates prevailing.
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