When to book income in accounts?
This query is : Resolved
31 July 2012
dear all,
i started business of renting P&M on hire from jan,12. Now i used to raise bill on 1st day of next month i.e 01st feb,12 and like this.
for mar,12 i raise bill on 1st april,12.
but company while providing me TDS certificate claimed this expenditure in their mar,12 accounts.
so should i book mar,12 bill on 31.03.2012 irrespective of the fact that i didnt raise march bill et till 31.3.2012..
please help
urgent....
i started business of renting P&M on hire from jan,12. Now i used to raise bill on 1st day of next month i.e 01st feb,12 and like this.
for mar,12 i raise bill on 1st april,12.
but company while providing me TDS certificate claimed this expenditure in their mar,12 accounts.
so should i book mar,12 bill on 31.03.2012 irrespective of the fact that i didnt raise march bill et till 31.3.2012..
please help
urgent....
31 July 2012
Yes, following accrual system of accounting you have to book march'12 bill in thr financial year 2011-12 .
31 July 2012
yes as per accrual system you should book it in FY 11-12 , but subject to AS-9 requirement compliance.
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