when to record entry in books?
This query is : Resolved
15 August 2008
if bill is of last year but recieved by company in next year, say bill of march month purchases,or services etc., then it should be recorded on date when bill is recieved
then as an auditor can we question it regarding prior year exp.or this practice is allowed?
then as an auditor can we question it regarding prior year exp.or this practice is allowed?
15 August 2008
yes, becz exp should be recognized irrespective of the fact that bill is received or not.
16 August 2008
yes. Jitender is right
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