Hai Guys!
Pls, Clarify that when we make ' self made ' voucher? for payment without bills, or every transaction? . my frind told that every transaction wheather having bills or not also need selfmade voucher. Is it true? pls explain the light of IT ACt and Co Act
Dear Friend
A voucher is a document & documentation for making an entry whereas the bills & other supportings to be attached along with the voucher whether its being generated computerised or manually.
At the time of auditing one has to verify that if there is a voucher for all the entries & verify the supported attachments/documents viz., bills,invs, rects etc to authenticate & apply the arithmetical accuracy & formallity in completion of auditing.
| Originally posted by : V P Narasimhan | ||
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Dear Friend A voucher is a document & documentation for making an entry whereas the bills & other supportings to be attached along with the voucher whether its being generated computerised or manually. At the time of auditing one has to verify that if there is a voucher for all the entries & verify the supported attachments/documents viz., bills,invs, rects etc to authenticate & apply the arithmetical accuracy & formallity in completion of auditing. |
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AGREED.
Pls help...
I m doing audit of a partnership firm & a private ltd co. both deals in leather goods and related to same person.
Partner of first firm is also the director of pvt ltd co.
In my case, pvt ltd co. makes payment to a vendor on behalf of partnership firm, which is a vendor of partnership firm.
Can a pvt ltd co. gives payment to partnership firm, where same person is director in one co. & partner in another co.
reply i m wating
it is a related party transaction and disclosed seperately
Rajnikant pls clear what does it means
every related party transaction must be disclosed in the register u/s 301...the co.hv to maintained it...
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