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Cash trasnction

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 July 2014 IS CASH TRANSACTION REQUIRE TO BE DUE OR ACCRUE FIRST
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
23 July 2014 i couldnt understand ur query pls modify or eloborate
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
26 July 2014 cash transaction has nothing to do with being due. you need to account for receipt of money in cash book. if you are accounting on cash basis, just book the corresponding part as income/sale.

if you are following accrual basis and sale has not been done yet, just raise creditor in form of advance received.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
26 July 2014 cash transaction has nothing to do with being due. you need to account for receipt of money in cash book. if you are accounting on cash basis, just book the corresponding part as income/sale.

if you are following accrual basis and sale has not been done yet, just raise creditor in form of advance received.

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