Receipt or accural

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CA VISHAL GUPTA (Querist)
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07 October 2013 Hello Experts,
My Question Is If I Have Receipt On Last Date Of March And Deposited It On First April How should I Record I Mean In Which Financial Year..

Nikhil Kaushik online

Nikhil Kaushik online

(Expert)
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08 October 2013 whether it is a revenue or not shall depend on whether as an accounting policy, you are following accrual or cash accounting.

nevertheless, the receipt would form part of your cash and bank balance as on 31 March

CA Pallav Singhania

CA Pallav Singhania (Expert)
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08 October 2013 Agree with Expert,
It depends upon the Accounting policy you followed,

Cash or Accrual basis,
Its better to follow the accrual basis...

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CA VISHAL GUPTA

CA VISHAL GUPTA (Querist)
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08 October 2013 THANK YOU!!