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in r&p a/c for the yr ended dec 31-2010
in payments it's given - Repairs to equipment 500
in add.info-
cheques unpresented being payment for repairs
jan 1 2010- 300
dec 31-2010- 260
what is the actual expenditure?
is it 460? (500-300+260) ? if so why??? I understood -300 cuz it belongs to prev year..but why +260?? is it not supposed to be already included in that 500??? please help:(
in
Replies (2)
Hie,
May be Rs.260 is Outstanding at the year end as cheque is unpresented.
Dear Manisha
As per your query it seems that you are following FY Jan to Dec. In an NGO the books of accounts are maintained on casah basis and you have to debit all the paid amount to expenses head on the date of payment.
The unrealised cheques is showing in BRS only.
Rajesh
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