When to book expense in books
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 June 2012
MY COMPANY EXPORTED GOODS IN MARCH 12. C&F AGENT SENT US HIS BILL IN APRIL 12 WHICH INCLUDES DETAILS OF ALL THE EXPENDITURE INCURRED BY THEM ON BEHALF OF US.
WHEN SUCH EXPENSES ARE TO BE BOOK ? IN MARCH 12 ITSELF BY FOLLOWING MATCHING PRINCIPLE AND AS 29 OR IN APRIL 12?
WHEN SUCH EXPENSES ARE TO BE BOOK ? IN MARCH 12 ITSELF BY FOLLOWING MATCHING PRINCIPLE AND AS 29 OR IN APRIL 12?
CA Hardik Bunha
(Expert)
29 June 2012
as per section 209(1) company can not follow cash basis system for recording exp.
as per AAS 4 company have to record transaction for accounting period. it may not be prior period.
hence you have to record this transaction for march 12 by making provision
as per AAS 4 company have to record transaction for accounting period. it may not be prior period.
hence you have to record this transaction for march 12 by making provision
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