Mr. AB (Self-employed) (86 Points)
02 May 2011Dear experts,
I would like to know in which Financial Year the following transaction falls:
In the bank statement I have this:
Date: 1 April 2011,
Descripttion: Credit Interest
Value Date: 31 March 2011
Deposit Amount: xxxx.xx
Should I count the above deposit for the FY 2010-2011 or FY 2011-2012 ?
Thank you.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 02 May 2011
| Originally posted by : Ashis | ||
 |
Dear experts, I would like to know in which Financial Year the following transaction falls: In the bank statement I have this: Date: 1 April 2011, Descripttttion: Credit Interest Value Date: 31 March 2011 Deposit Amount: xxxx.xx Should I count the above deposit for the FY 2010-2011 or FY 2011-2012 ? Thank you. |
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This is the statement pattern of HDFC bank where they print such confussing statements, the date of credit should be taken in previous year, i.e 31-03-2011
CS LLB Pulkit Gupta
(https://www.facebook.com/pages/Life-and-Promises/553962034682487)
(16631 Points)
Replied 02 May 2011
FY 2010-2011
CA Govind Gupta
(Proprietor)
(152 Points)
Replied 03 May 2011
as per the ACCURAL BASIS of Companies Act, we have to include the all income & expenditure in books which relates to that year.
So, in ur query as per accural accounting the Interest of March 10 is to be credited in FY 2010-11 even if it is received in April 10.
CAclubindia
