1. Does the Association registered under societies Regn ACT has to follow Mercantile system of Accounting ?
2. Is it appropriate to delete suspense account after the client gives explanation of the expense or income ? or we need to reverse the entry with proper head ?
For 2. question:-
The entry will be reverse under the proper head, and deleting of any account is non-complaince of AS.
For 2. question:-
The entry will be reverse under the proper head, and deleting of any account is non-complaince of AS.
1.Societies are regulated by Central ACT and particular state acts also. The Central Act doesnt have any regulation regarding maintanance of Books. so u ve to check the regulation of the Particular State socities Registration Act for that information.
2.Always when a entry is made, it should not be deleted, It should be reversed. only when it is reversed in future u can understand the problem.
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