Receipts and Payments under cash and mercantile systems
This query is : Resolved
25 May 2022
Receipts and payment statement is prepared to denote the ACTUAL movement of cash during a period. Do the components of this statement change with the method of accounting system followed?
Ex: In mercantile system the heads of payments could be sundry payables and receipts could be sundry debtors or Grants received in Advance.
Do the heads of such accounts need to be modified to Telephone expenses (pertaining to sundry payables) and Govt. grant (pertaining to grant received in Advance) in case of cash system?
Ex: In mercantile system the heads of payments could be sundry payables and receipts could be sundry debtors or Grants received in Advance.
Do the heads of such accounts need to be modified to Telephone expenses (pertaining to sundry payables) and Govt. grant (pertaining to grant received in Advance) in case of cash system?
26 May 2022
Receipts and payments statement is prepared based on cash receipts and payments.
It can't be prepared on mercantile system.
It can't be prepared on mercantile system.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
