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Method of accounts to be followed

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 October 2016 sir
can one may follow cash basis method in accounts when the organisation's turn over is 50 lac. Is there any problem in maintaining accounts in cash basis method. Kindly answer me.
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Sandeep Dharar

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Sandeep Dharar (Expert)
02 November 2016 Better to follow Accrual method. The logic is all the taxes and duties and other liabilities are to b paid on Accrual basis and not on cash basis.

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