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.
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
- STCG....................................................
- Supply through E-commerce Operators
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Relief u/s Section 89
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
