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This query is : Resolved
29 November 2009
X SOLD GOODS TO Y IN THE MONTH OF MARCH FOR WHICH BILL WAS ISSSUED TO Y FOR RS.1 LAKH AND THE PAYMENT WAS MADE BY Y IN THE MONTH OF Y.
2.Y IS FOLLOWING CASH BASIS WHEREIN THE AMOUNT PAID WAS RECGNISD IN THE YEAR OF PAYMENT?iS THE TREATMENT RIGHT?
2.Y IS FOLLOWING CASH BASIS WHEREIN THE AMOUNT PAID WAS RECGNISD IN THE YEAR OF PAYMENT?iS THE TREATMENT RIGHT?
29 November 2009
Yes Cash basis means when you paid money you have to give the treatment otherwise No entry of that.
30 November 2009
Its absolute right Sonia. Y can follow cash basis or accrual basis till the time his accounts are not required to be audited under any Act. Regards
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