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30 March 2013 a company whose accounting year ends on 31 march 2001 has placed order with X ltd for a machine costing 20 lacs against cash payment during june 2001.the company has added a foot note to the balance sheet as at 31 march 2001 showing separetely that a capital contract has been entered into which requires requires the payment of rs. 20 lacs in cash
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
07 April 2013 There is nothing wrong but why the payment was made in cash and to whom. It it related party. If yes then reporting is required
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jaihani

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jaihani (Querist)
13 April 2013 does as-4 events occuring after balance sheet date applicable b cos of the footnote

source ca examination (2000)-4 mark ..what other points could b added sir?
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