recognition

prasanth (student) (86 Points)

04 March 2009

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

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4 Replies

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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