Deferred revenue
Querist : Anonymous
MY QUERY IS,ONE OF MY CLINT HAS NOT FILED HIS INCOME TAX NIL RETURN FROM A.Y.2006-07.
SO,WHETHER IT IS NECESSARY TO FILE RETURN FROM A.Y.2006-07.OR WE CAN FILE RETURN OF A.Y.2009-10 DIRECTLY.PLS REPLY SOON
Querist : Anonymous
Pl confirm what you meaning of deferred revenue
Thanks & Regards
Radhakrishnan.G
Ex. Advertisement Cost
•The nature of some expenses is such that though they do not create an asset but their benefit is spread over more than one accounting period.
•These are mostly non-recurring and large in amount.
•In such circumstances instead of debiting the entire amount of these expenses to Profit and Loss of the year, it may be spread over a number of years with a proportionate amount being charged each year to P&L Account.
•The portion that is still not charged to Profit and Loss is shown in the balance sheet on the asset side after Capital Work in Progress and is called Deferred Expenditure.
•Examples are Expenses incurred to start a business, Initial marketing cost to launch a product etc.
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