an enterprise prepare account under the accural basis salaries amounting rupees 10000 for the month march 2020 were not paid the owner didn't want the account on the ground that the amount was not paid the enterprise close its book of account on 31 March every day year is correct justify
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No, the owner is not correct because under the Accrual Concept , expense should be accounted at the time when it is incurred and not when it is paid . Salaries for March 2019 have become due on 31st March , 2019 and therefore , should be accounted in the books of account for the year ended 31st March , 2019.
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No, the owner is not correct because under the Accrual Concept , expense should be accounted at the time when it is incurred and not when it is paid . Salaries for March 2019 have become due on 31st March , 2019 and therefore , should be accounted in the books of account for the year ended 31st March , 2019.
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