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Querist : Anonymous

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Querist : Anonymous (Querist)
14 October 2016 Dear friends and experts
I am going to take incharge of accounts of small concern as a part time job. Their turnover maybe around 50 lakhs per year. Till now they maintain a small register in which payments and receipts are recorded separately. They didnt give importance to accounts and there is a lack of manpower. What my question is after taking in charge of accounts as a part time job, shall i follow cash basis of accounts? If i didnt follow accrual basis of accounts what will be it's impact. It will be helpful for me if anybody gives detail information. Thank you very much in advance
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Sandeep Dharar

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Sandeep Dharar (Expert)
28 October 2016 Better to follow accrual basis. Coz all the tax liabilities occurs on accrual basis and not on cash basis(reliasation).

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