Mercantile system of accounting

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Querist : Anonymous

Querist : Anonymous (Querist)

17 December 2014 Sir, I want to know if a bill has been raised on 31st march 2013, F.Y. 12-13 but received on 5th dec 2013. what would be the treatment of that bill? whether it is to be included in the above financial year or not?

Amol S Joglekar

Amol S Joglekar (Expert)

17 December 2014 the bill is accounted for in the year to which it relates.
If the goods/services contained in the bill relate to say financial year 2012-13, then you book the same in the same year

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Querist : Anonymous

Querist : Anonymous (Querist)

17 December 2014 but we dont have the bill till 31st march 13 so we dont know the amount for which bill was raised

Amol S Joglekar

Amol S Joglekar (Expert)

17 December 2014 Now you started ARGUING rather than DISCUSSING.
I am NOT able to understand that within 5 days you CLOSED your books of accounts or what?
Even INFOSYS takes 10 days after the year end to publish its audited accounts....
Please explain your REAL quesry in it.

Querist : Anonymous

Querist : Anonymous (Querist)

17 December 2014 sory sir, actually the bill was received in december 2013, plz tell me the treatment then.?

Amol S Joglekar

Amol S Joglekar (Expert)

17 December 2014 That is better.

If it is received in Dec 2013. Why the provision was NOT made on 31st March 2013? Was it any sort of ACCOMODATION bill or what?

Such issues are required to be sorted out with the one who issues INVOICE/BILL so late......

Querist : Anonymous

Querist : Anonymous (Querist)

18 December 2014 ok sir, thankyou, actually it is a invoice for the services by the employees amount paid to them, it is around 4-5 crore, jitna jitna service provided utna utna amount given to employees sir.? that is why, provisions were not made at that time.??

Amol S Joglekar

Amol S Joglekar (Expert)

18 December 2014 May be 4-5 crore is NOT "material" for the size of your organisation.????

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