while preparing the balance sheet which date is considered i.e. invoicing date or the date on which we record the transaction.
11 Replies
prasad Nilugal
(3924 Points)
Replied 24 July 2021
Sir , your question is not clear ,as we record the transactions as per Invoice date in the Books of accounts . please. elaborate your query .
sabyasachi mukherjee
(27713 Points)
Replied 24 July 2021
Invoicing date is the date on which transaction are made.
Balance Sheet are made as on when each financial year ends.
Balance Sheet are made as on when each financial year ends.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 24 July 2021
Date on which amount is received should be the recorded date
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 24 July 2021
Balance sheet is prepared based on the transactions recorded in the books. Transactions are recorded in the books as and when accrued (subject to certain exceptions)
For example, while recording a purchase transaction, transaction is recorded on the date of receipt of goods though the date of purchase invoice is prior to that.
Am not sure what kind of transaction are you referring to in the query. So I've considered my own example.
sabyasachi mukherjee
(27713 Points)
Replied 24 July 2021
Balance Sheet is a financial statement as prescribed by ICAI AND OTHER ACCREDITED INSTITUTES .
THERE ARE TWO TYPES OF ACCOUNTING ONE IS CASH BASIS AND ANOTHER ACCRUAL BASIS ACCOUNTING.
IN BOTH CASES BALANCE SHEET IS PREPARED.
IT IS PREPARED FOR ASCERTAINING THE ASSETS AND LIABILITIES EXISTING ON A PARTICULAR DATE.
IT MAY BE END OF A FINANCIAL END OF THE YEAR.IT MAY BE DUE TO COMMENCEMENT OF A NEW VENTURE OR A PROJECT.
I
THERE ARE TWO TYPES OF ACCOUNTING ONE IS CASH BASIS AND ANOTHER ACCRUAL BASIS ACCOUNTING.
IN BOTH CASES BALANCE SHEET IS PREPARED.
IT IS PREPARED FOR ASCERTAINING THE ASSETS AND LIABILITIES EXISTING ON A PARTICULAR DATE.
IT MAY BE END OF A FINANCIAL END OF THE YEAR.IT MAY BE DUE TO COMMENCEMENT OF A NEW VENTURE OR A PROJECT.
I
prasad Nilugal
(3924 Points)
Replied 24 July 2021
Accrual accounting is transaction recorded in the books accounts , cash received or not , however in the Cash based accounting we record translation as and when we received cash .
prasad Nilugal
(3924 Points)
Replied 25 July 2021
Query is not clear as mentioned in my 1st reply also .
CA Rashmi Gandhi
(Chartered Accountant)
(86461 Points)
Replied 25 July 2021
Date of recording of transaction is required to be considered.
prasad Nilugal
(3924 Points)
Replied 25 July 2021
We record the date as per Invoice and voucher only in the books of accounts , either it is payment or receipt .
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