Cut off?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 May 2012
Hi,
Can anyone explain me cut off procedures with an example? and in respect of which transactions this cut off procedures will work?
Can anyone explain me cut off procedures with an example? and in respect of which transactions this cut off procedures will work?
01 June 2012
Cut off procedures separation of transaction from one period and another say upto march 31, and after 31st march.This ensures that transactions and events are recorded in the proper accounting period.
For example at the year end in case of Inventories
(a) goods purchased but not received are included in the inventories; and
(b) goods sold but not despatched are excluded from the inventories
For example at the year end in case of Inventories
(a) goods purchased but not received are included in the inventories; and
(b) goods sold but not despatched are excluded from the inventories
Message likes :
1 times
01 June 2012
I agree with the expert's reply. The Cut off procedures are used to segregate the transactions from one accounting period to another accounting period.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- ITC EXCESS CLAIM + RCM NOT PAID...BOTH FOR FY 2020-21......PAID IN FY 2024-25....EFFECT
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
