Outsatnding balance in saving bank of hdfc
This query is : Resolved
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
(Expert)
06 June 2013
Please refer the method of accounting being regularly followed by the assessee.
.
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.
.
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.
.
Take that balance, which represents the true financial position. You may explain the differences/time difference with the help of Bank Reconciliation Statement also.
.
.
.
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.
.
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.
.
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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