CLOSURE of books (K.Kottai Chezhiyan Sir)
This query is : Resolved
22 August 2008
Sir,
I have one more question on the above topic you answered yesterday.
Please refer following link :
https://www.caclubindia.com/experts/experts_message_display.asp?group_id=68631
Kindly answer that too.
Thank you.
I have one more question on the above topic you answered yesterday.
Please refer following link :
https://www.caclubindia.com/experts/experts_message_display.asp?group_id=68631
Kindly answer that too.
Thank you.
22 August 2008
It is Not Possible To Appropriate All Items in Monthly Basis ..
You Can Appropriate most of the Items to Get Maximum Accuracy...
In Your Q:
if necessary while preparing you can make outside the books adjustment ..
say: you can account the loss/gain in foreign exchange in MIS but not in Books..
You must be clear in the objective of Preparation of MIS: and you may take Decisions Accordingly.. without effecting the objective
You Can Appropriate most of the Items to Get Maximum Accuracy...
In Your Q:
if necessary while preparing you can make outside the books adjustment ..
say: you can account the loss/gain in foreign exchange in MIS but not in Books..
You must be clear in the objective of Preparation of MIS: and you may take Decisions Accordingly.. without effecting the objective
22 August 2008
But You should always Prepare a reconcilation statement for the profit in books & MIS
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