Disclosure in financial statement

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2011 Please let me know,
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.

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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22 September 2011 Dear Anonymous

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

Querist : Anonymous (Querist)

22 September 2011 yes, it is for d purpose 2 show true & fair view.
thak you sir.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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23 September 2011 I agree with the expert

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