There arrears of Rs.99000 in the FY2012-13 for Appartment Owners Association
Arrears as Follows
1) Subscripttions yet to receive Rs.39000
2) Diesel Charges yet to receive Rs.60000
how to classify above items in Income&Expenditure and Balance Sheet?
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Under what head, i should show the following items
Replies (2)
as far as Income & Expenditure account is concerned you have to calculate the amount which was receivable in the financial year
and under Balance Sheet amount which was receivable but not yet received at year end should be classified as Current Asset
Thank u Manish
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