Omission of expense
This query is : Resolved
01 July 2013
while preparing annual accounts 2012-2013 it has been noticed that pension paid during the previous year 2011-2012 amounted to one crore is omitted to include in that year. How can i treat the omitted expense in current year.
01 July 2013
Treat as per.prior period item, it is an error. Surprisingly thisamount has material effect so roundabout if it is an adjusting event or not and adjust it. Clearly disclose the same at various areas. IT EFFECTS MSTERIALTY TO LARGER EXTENT
Message likes :
1 times
02 July 2013
some of the expert suggest me to write off to profit and loss account.and show as deduction from capital. is that right??
03 July 2013
Accounting standards do not suggest this, they suggest you for above treatments and if things are planned out to be done in illegal way then you can follow that. But when capital account has to be reconciled by a third party the same has to be evidenced and supported.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Tax on capital gains revoked us 54f
- Inventory of finished goods
- Confusion around Form 26QB fields
- Sale of property furniture sale
- Applicability of Ind As to associate of associate
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
