09 August 2010
we paid auditors fees by cash for the fy08-09 but payment made fy09-10 how to pass entries (becose no entries passed fy08-09)ie:-no jv's entered in fy08-09 and the payment made fy09.10, what shall i do now...........................
09 August 2010
IF EXPENSES OF AUDITOR FOR FY 2008-09 IS NOT BOOKED IN FY 2008-09 ITSELF, THEN FOR ACCOUNTING PURPOSE YOU HAVE TO BOOK EXPENSES IN FY 2009-10 BUT IT IS NOT ALLOWED AS EXPENSES BECAUSE IT WILL BE TREATED AS PRIOR PERIOD EXPENSES. I.E IT WILL BE ADDED BACK IN PROFIT AT THE TIME OF CALUCATION OF TAX LIABLITY.
09 August 2010
It does not seems possible that your auditor have objected to such act of omission.
Kindly check in the PL account (Original - filed with ROC). If the audit fees is appearing in this, you just need to enter it in your internal accounts.
09 August 2010
Dear Mr Jha, The person has not speicfy whether it is company or other. If it is other than company, it is no menaing of ROC. It may be that auditor has not checked it or ommit at at the time of finalziation. Hence it may be ommission at the end of auditor also.
CAclubindia
