19 January 2013
Hi I am closing books for january on 27th as per our close calender. In this case while accruing interest income,should i accrue for the entire month or till 27th jan and why?
19 January 2013
Since the account closing is for the 31st the accrual entries will pass till the 31st. It does not depend on when you pass the entries but depends on when is your books of account closing.
19 January 2013
it depend on ur rules/policies of your co and as per previous practice. I think you are asking for MIS purpose so follow the previous month practice. if this is first time then take till 31st jan
CAclubindia
