Mercantile system of accounting

ashok thakker (Querist) 25 April 2013 This query is : Resolved
Sir, Mine is a proprietorship firm with turnover of approx. one crore per year subject to statutory audit. Maintaining mercantile system of accounting. am i required to make provision of payment of monthly rent and salaries before its actual payments.We make payment of rent monthly and make entries of TDS payable etc upon payment only. Is it an acceptable system of accounting what we follow. Hope i could make my query specific. pl advise, as i do my accounting myself and then get it audited,
Regards,
ashok thakker

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Anirudh (Expert) 25 April 2013
Did you talk to your Auditor before asking here? If not why not?

R.K Nanda (Expert) 25 April 2013
contact ur Ca.

Raj Kumar Makkad (Expert) 29 April 2013
We do not attend such commercial queries here.

prabhakar singh (Expert) 29 April 2013
We do not attend such commercial queries .

Guest (Expert) 29 April 2013
Have you not employed any CA for maintaining your accounts?

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