Expenses to be accrued

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 November 2014 A company received Electricity bill for the month of March on April 10 and the date of bill is also of April 10. When should the bill be entered if the company follows mercantile system of accounting

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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27 November 2014 it must be booked in march 10 only on accural basis and in profit and loss of 200-10 it must be added,

Querist : Anonymous

Querist : Anonymous (Querist)

27 November 2014 Its not on March 10, its on April 10.
In which financial year should it be recognised?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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27 November 2014 ya even in case of ur second reply for march month bill has to be booked in march only on accrual basis

Rupesh Jain

Rupesh Jain (Expert)
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28 November 2014 you can separate the bill of march and april mostly company take the reading of electricity daily you can take 31.3.2014 reading from that and make computation of electricity bill till march-31 and make provision on dt 31.3.2014. and make pay entry on payment date.

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