Under what head, i should show the following items

Palle Ashok Reddy (student) (56 Points)

17 July 2013

There arrears of Rs.99000 in the FY2012-13 for Appartment Owners Association

Arrears as Follows

1) Subscripttions yet to receive Rs.39000

2) Diesel Charges yet to receive Rs.60000

how to classify above items in Income&Expenditure and Balance Sheet?

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Manish Kumar Sharma (Article) (103 Points)
Replied 17 July 2013

as far as Income & Expenditure account is concerned you have to calculate the amount which was receivable in the financial year

and under Balance Sheet amount which was receivable but not yet received at year end should be classified as Current Asset

Palle Ashok Reddy (student) (56 Points)
Replied 17 July 2013

Thank u Manish

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