Non Trading Concern
This query is : Resolved
18 June 2010
The receipt of income accounted in receipt and payment account should be on acrual basis or on actual receipt basis.
Ex Subricption fee due at the beginning is Rs1500 and received in current year Rs10000 and on end of the year outstanding subsricption is Rs.2500. What shuould be taken to current year Receipt and Payment Account.
Ex Subricption fee due at the beginning is Rs1500 and received in current year Rs10000 and on end of the year outstanding subsricption is Rs.2500. What shuould be taken to current year Receipt and Payment Account.
18 June 2010
As the name suggest it should account oinly actuall receipt and payments only
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