Method of accounting for professional company
This query is : Resolved
23 August 2014
As per companies act it is mandatory to follow Mercantile system of accounting.
But, professional entity is required to follow cash system of accounting.
Can anyone guide Professional compnay has to follow cash or mercantile systme of accounting.
But, professional entity is required to follow cash system of accounting.
Can anyone guide Professional compnay has to follow cash or mercantile systme of accounting.
23 August 2014
who said professional entity is "Required" to follow cash system?? Last I checked there was no rule for this!
A company has to follow mercantile basis whatever may its activities be.
a professional entity has the option of following the accounting basis, be it mercantile or cash.
A company has to follow mercantile basis whatever may its activities be.
a professional entity has the option of following the accounting basis, be it mercantile or cash.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- REGARDING ITR FILING QUESTION
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- GST ISD Query on various AMCs
- PF wage ceiling
- Gst reverse charge mechanism to be claimed in the month of payment
- GST REGISTRATION REQUIRED TO DIAGNOSTIC UNIT
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
