Outsatnding balance in saving bank of hdfc

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Querist : Anonymous

Querist : Anonymous (Querist)

06 June 2013 what date is to be consider when finalisaing the o/s bal as on 31.03.2013 in saving bank account of hdfc bank account out of the "Date" and from "value of date"

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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06 June 2013 Please refer the method of accounting being regularly followed by the assessee.
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Further, it is not important to finalise the Balance as it is nothing but just an outcome of the transactions, which have taken place or, are likely to take place.
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The more significant task is to consider the impact of the transactions on the income & expenditure or Assets/ Liabilities from the accounting point of view.
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Take that balance, which represents the true financial position. You may explain the differences/time difference with the help of Bank Reconciliation Statement also.
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