Non trading concern
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2011
what is meant by ACCRUAL BASIS transactions in Income and Expenditure account?
21 September 2011
Accural basis of accounting means recording of income and expenses when they are incurred. For example salary for the month of march is paid in April , but salary expense will be booked for march as it has become due in march irrespective of payment being in April . Similarly if sale is done in the period of march and proceeds is received in april , the income will be booked in the month of march .
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Querist : Anonymous
Querist :
Anonymous
(Querist)
22 September 2011
Thank you
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