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How to book telephone bill for mar 12

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 April 2012 i have one question regarding telephone bill for the month of march 12 and if telephone company raise the bill in 1st of april 2012 in which f.y year we will book the bill
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Guest

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Guest (Expert)
27 April 2012 You have to make the provision in march itself..your basis of provision should be the previous bills or after the seeing the actual bill but the enyry should be booked in the FY 2011-12. The payment entry should be shown in the next FY.
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Mihir Doshi

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Mihir Doshi (Expert)
27 April 2012 Yes, Agree with Expert.

Due to accrual basis of accounting, Expenses should be booked in the period when it is incurred.

Assumption should be made to book the bill or else just wait for bill to arrive and then book the provisional entry in the Month of March only.

Thanks
Mihir doshi
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Querist : Anonymous

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Querist : Anonymous (Querist)
27 April 2012 thank you very much for your answer, very help full for me...
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