Disclosure in financial statement
Querist : Anonymous
is it necessary to disclose, the balance of chq in hand ( received from debtors) along with cash and bank balance, in the financial statement the last day of the accounting year.
And, in what respect it would affect, the financial statement materially on non disclosure ?
Experts' opinion please.
Thank you.
Think that what will happen if you not recorded the cheque received from the debtors????
yes.....u think right that "your account will not match with the accounts of debtors"
Our accounting system is governed by the principle of prudence and substance over form concept. So you must record the cheque received but in hand so to disclose the true and fair view of accounts presentation.
Querist : Anonymous
thak you sir.
Click here to login now
Similar Resolved Queries
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Booth for sales promotion
- Presumptive income under Income tax act 2025
- TAX AUDIT QUESTION
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- LIABILITY ADJUSTMENT
- Capital Gains on sale of residential flat
- Accounting with Claude
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
