I am seeking information on the basis of accounting being followed by apartment associations. Is it a general practice to maintain such accounts on cash basis? Is it permitted?
Menu
Basis of accounting to be followed by apartment associations
Replies (1)
| Originally posted by : J Narayanan | ||
 |
I am seeking information on the basis of accounting being followed by apartment associations. Is it a general practice to maintain such accounts on cash basis? Is it permitted? |
 |
It is always advisable to follow accrual basis of accounting, sometime one need to charge interest and also may need to present the financial statement to users, which should be meaningful, it is very important to recognise liability and receivable
Recent Threads
- Commercial property rent query
- What is the Accounting Treatment for the CAR buy b
- Intraday loss & FNO loss - small amount
- Query on carrying documents in case of e-way Bill
- 194C Income can be claimed under Other sources?
- ITR 2 filing error after validation
- ITR filing STCG LTCG
- TDS deducted against PF withdrawal
- VRS / Severance Pay full exemption u/s 89 ( 10E fo
- Sponsorship fees GST
Related Threads
CAclubindia
