Receipt or accural
This query is : Resolved
CA VISHAL GUPTA
(Querist)
07 October 2013
Hello Experts,
My Question Is If I Have Receipt On Last Date Of March And Deposited It On First April How should I Record I Mean In Which Financial Year..
My Question Is If I Have Receipt On Last Date Of March And Deposited It On First April How should I Record I Mean In Which Financial Year..
Nikhil Kaushik
(Expert)
08 October 2013
whether it is a revenue or not shall depend on whether as an accounting policy, you are following accrual or cash accounting.
nevertheless, the receipt would form part of your cash and bank balance as on 31 March
nevertheless, the receipt would form part of your cash and bank balance as on 31 March
CA Pallav Singhania
(Expert)
08 October 2013
Agree with Expert,
It depends upon the Accounting policy you followed,
Cash or Accrual basis,
Its better to follow the accrual basis...
It depends upon the Accounting policy you followed,
Cash or Accrual basis,
Its better to follow the accrual basis...
CA VISHAL GUPTA
(Querist)
08 October 2013
THANK YOU!!
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