Answer / prakash

Only cash based transactions considered to arrive profit /
loss of a F.Y. irrespective of the transaction belongs to
either previous year or the following year.

In Mercantile system transactions belongs to the current
year only considered to arrive profit / loss of the F.Y.
whether the transaction is cash based or credit based. All
companies follow Mercantile system only.

Answer / arpit bengani

In cashaccunting all the cash based transactions are taken
into considerations for calculating p7l for the year
irrespective the transaction is for the current or
pprevious year.

wheraes inmercantile system all expenses are allowed
rrespective of its payment and incomes are taxable on due
basis wether received or not..and moreover i is concerned
with current year only.....

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