Cash System of Accounting
This query is : Resolved
02 February 2009
In a cash system of accounting expenses like purchases are written off at the time of incurrance. Now, certain stock of raw material is available as on the last day of the year. Whether such closing stock is to be booked and yearly profitability is to be derived thereafter or not?
In other words: whether closing stock is recognised in cash system of accounting or not?
In other words: whether closing stock is recognised in cash system of accounting or not?
20 February 2009
Yes closing stock has to be recognised. Pl refer ICAI publication (2000 edition)'Issues on Tax Audit'page no.54.
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