Cheque recorded but not cleared
This query is : Resolved
19 July 2013
I have received a cheque on 30.03.2013 and deposited it on the same date but it was cleared by bank on 03.04.2013. Will the income to be considered in F Y 2012-13 or F Y 2013-14?
Kindly reply
Kindly reply
19 July 2013
income should be recorded as per your accounting method i.e on accrual or receipt basis.
As per accrual basis the income pertained to F.Y 2012-13
As per accrual basis the income pertained to F.Y 2012-13
19 July 2013
As per AS 9, revenue should be recognised at d time of sale or rendering service and there is no uncertainity in collection of revenue.. It should be in 12-13 if condition satisfied.
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