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Sir , What does this mean ?
– inspecting after date of receipts from receivables
– inspect the cash book payment/ receipts that were not accrued for at the year endThanks in advance
1 If an amount is received 25/1/2018 for a receivable on the SOFP as at 31/12/2017, it is,evidence that the receivable existed and was properly valued at 31/12/2017
2 If an amount is paid on, say, 10/1/2017 we have to decide whether it relates to an expense for 2017 (in which case it should be accrued on the SOFP of 31/12/2017) or whether it is a 2018 expense.
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