Which financial year to book annual general meeting expense
This query is : Resolved
17 March 2016
While i was audit of my client i came to a query that is client has paid in nov 2015 500000 rs. rent for 110th AGM FY- 15-16 held on 1 july 2016. Now query is that rs. 500000 paid toward rent to booked in p&l account in 15-16 or 16-17. Plz support with relevant accounting principle
18 March 2016
Hi
If the expense has accrued and become payable on 31.3.2016 in respect of 2015-2016, you can show it as payable on 31.3.2016 however, the expense becomes payable only when the agm 2016 is held. hence, you have to show it during fin.year 2016-2017
If the expense has accrued and become payable on 31.3.2016 in respect of 2015-2016, you can show it as payable on 31.3.2016 however, the expense becomes payable only when the agm 2016 is held. hence, you have to show it during fin.year 2016-2017
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
- Inventory of finished goods
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Confusion around Form 26QB fields
- GST Regis.
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Tds on building rent monthly
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- 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
