NPA accounts closed after 31st March, before finalization of accounts –
Can major recoveries received in live NPA accounts after 31st March but before finalization of books and NPA account is closed , be considered as of 31st March.
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Events occurring after balancesheet date.
Replies (2)
When you are having prior information regarding "Major Recoveries" on 31st March...then you can adjust in accounts before finalization as it is called "Adjusting Events".
If you dont have information on 31st March...and afterwards it occures then you have to disclose it by notes.
thx... even i thought so...
just wanted to confirm it.
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