hi friends
whenever we followed accrual basis for accounting, and income accrued
when we give to debit for party and
when we give to debit to receivable
please frnds suggest me with detail
i'm waiting for ur answer, and advance thanks for ur answer
prasanth (student) (86 Points)
04 March 2009hi friends
whenever we followed accrual basis for accounting, and income accrued
when we give to debit for party and
when we give to debit to receivable
please frnds suggest me with detail
i'm waiting for ur answer, and advance thanks for ur answer
Balaji K S
(AUDIT ASST)
(92 Points)
Replied 04 March 2009
both debiting party a/c and recivable will have same effect
prasanth
(student)
(86 Points)
Replied 04 March 2009
dear balaji
you said that both debit to party or income receivable are same effect
then under which group we can create the party a/c either current assets, or sundry debtors
please tell me
Balaji K S
(AUDIT ASST)
(92 Points)
Replied 04 March 2009
plz note that ur question has the ans in it
dont forget that sundry debtors comes under current assets
if u creating the party a/c then show it under sundry debtors, which comes under current assets
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9058 Points)
Replied 28 March 2009
balaji's ans is correct
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