Mercantile system of accounting
This query is : Resolved
25 April 2013
Sir,
Mine is a proprietorship firm with turnover of approx. one crore per year subject to statutory audit.
Maintaining mercantile system of accounting.
am i required to make provision of payment of monthly rent and salaries before its actual payments.We make payment of rent monthly and make entries of TDS payable etc upon payment only.
Is it an acceptable system of accounting what we follow.
Hope i could make my query specific.
pl advise, as i do my accounting myself and then get it audited,
Regards,
ashok thakker
Mine is a proprietorship firm with turnover of approx. one crore per year subject to statutory audit.
Maintaining mercantile system of accounting.
am i required to make provision of payment of monthly rent and salaries before its actual payments.We make payment of rent monthly and make entries of TDS payable etc upon payment only.
Is it an acceptable system of accounting what we follow.
Hope i could make my query specific.
pl advise, as i do my accounting myself and then get it audited,
Regards,
ashok thakker
10 June 2013
Yes you have to make the provision
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