Bank Balance Round Off
Abhishek Kumar Gupta (Article) (148 Points)
17 October 2019
Can we round off closing bank balance in balance sheet of a corporate body ie company??
1 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 17 October 2019
4. New norms of rounding off : New norms of rounding off have been introduced depending upon the turnover of the company. The figures appearing in the Financial Statements may be rounded off as below : Turnover Rounding off (i) less than one hundred crores rupees To the nearest hundreds, thousands, lakhs or millions, or decimals thereof. (ii) one hundred crore rupees or more To the nearest lakhs, millions or crores, or decimals thereof. However, it is not compulsory to round off the figures.
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