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CLOSURE of books (K.Kottai Chezhiyan Sir)

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(Querist)
22 August 2008 Sir,

I have one more question on the above topic you answered yesterday.

Please refer following link :

https://www.caclubindia.com/experts/experts_message_display.asp?group_id=68631

Kindly answer that too.

Thank you.
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CHEZHIYAN

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CHEZHIYAN (Expert)
22 August 2008 It is Not Possible To Appropriate All Items in Monthly Basis ..

You Can Appropriate most of the Items to Get Maximum Accuracy...

In Your Q:
if necessary while preparing you can make outside the books adjustment ..

say: you can account the loss/gain in foreign exchange in MIS but not in Books..

You must be clear in the objective of Preparation of MIS: and you may take Decisions Accordingly.. without effecting the objective
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CHEZHIYAN

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CHEZHIYAN (Expert)
22 August 2008 But You should always Prepare a reconcilation statement for the profit in books & MIS
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