When should be the exact date of booking a transaction in books? Is there any consequence if date of bill and booking the entry is too late i.e. around 5- 6 months repeatedly from the GAAP point of view and companies Act point of view? Is there any limitation of time in this regard under any law or other principles or conventions of accounting?
It is urgent please reply soon. Thanks in advance Happy day!
21 September 2009
there is no time limit as such. but one of the fundamental accounting principle is periodicity concept which is the corner stone for the true and fair concept. That is the driving force.
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