Statement of profit & loss- revised sch vi
This query is : Resolved
16 August 2012
As per Revised Sch VI, any item of expenditure, which is higher than Rs. 1 Lakh or 1% of Operating Revenue, whichever is higher, should be separately disclosed.
My querry is whether Company can show such expenses under the headings not covered by format of Statement of Profit & Loss? For example, where the Travelling Expenses are higher than 1% of Operating Revenue (or Rs. 100000/- as case may be), whether Company can show such expenses directly as Travelling Expenses in Statement of Profit & Loss itself or it should be shown under Other Expenses?
Similarly, Company has incured say, Manufacturing Expenses under different heads like Labour Charges Paid, Design & Drawing Charges etc. which cumulatively go beyond 1% of Operating Revenue. Whether they can be shown separately as Manufacturing Expenses in Statement of Profit & Loss and a Note can be prepared for that or should they be shown as Other Expenses?
My querry is whether Company can show such expenses under the headings not covered by format of Statement of Profit & Loss? For example, where the Travelling Expenses are higher than 1% of Operating Revenue (or Rs. 100000/- as case may be), whether Company can show such expenses directly as Travelling Expenses in Statement of Profit & Loss itself or it should be shown under Other Expenses?
Similarly, Company has incured say, Manufacturing Expenses under different heads like Labour Charges Paid, Design & Drawing Charges etc. which cumulatively go beyond 1% of Operating Revenue. Whether they can be shown separately as Manufacturing Expenses in Statement of Profit & Loss and a Note can be prepared for that or should they be shown as Other Expenses?
16 August 2012
I think you are saying the same thing as the circular contemplates. The circular says that any such exenditure is DISCLOSED which is higher than 1% of operating revenue OR 1,00,000/- You are showing it separately then what is your problem. Go ahead.
16 August 2012
1. The option is yours, but it is better way of presentation to put the travellng expenses under the head administrative expenses.
2. The expenses under the individual leadger should not exceed Rs. 1 lakh.
2. The expenses under the individual leadger should not exceed Rs. 1 lakh.
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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- Disallowance of Section 43B(h) to sez units
- GST Regis.
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- REGARDING ACCOUNTING CODE FOR SERVICE TAX PAYMENT
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
