Sumiti Jain (FP) (1364 Points)
21 August 2013What should be the right valur for Gross Receipts shown in Profit & Loss A/c if:-
In Form 26 AS gross receipts are shown on actual receipt basis. In Service Tax returns, value is on actual receipt basis. In bank obvious it is shown as it is received. But in Profit & Loss A/c year ending figures are also shown which are received in April in the next year.
Kindly clarify me what is the right method to enter the transactions-whether on bill wise or on actual receipt basis.
CA and CMA Ravinder Singh
(CA and CMA)
(853 Points)
Replied 21 August 2013
what type of transactions are those....??
CA and CMA Ravinder Singh
(CA and CMA)
(853 Points)
Replied 25 August 2013
if the bills have been raised by you in the previous year then show them in the previous year and if the bills bear the current year dates, then show them in the current year.
but as u have said in service tax return value is on actual receipt basis, you must have raised the bills after 31st march.
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