When to book income in accounts?
This query is : Resolved
mudit gupta
(Querist)
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....
CA RICHA BADALIA
(Expert)
31 July 2012
Yes, following accrual system of accounting you have to book march'12 bill in thr financial year 2011-12 .
CA Lokesh Pokharna
(Expert)
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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