21 June 2012
CASE 1 :In the Revised Schedule VI where do we show the excise on capital goods credit for which has to be claimed over the years????
CASE 2 :Bank deducted charges amounting to Rs. 10,00,000 from a corporate assessee's bank account. This amount was to be charged from some other account holder, but bank wrongly debited the bank account of the said corporate assessee.On perusal when the same was detected, the corporate assessee approached the bank and discussed the entire issue.The bank concluded that it was an error which was committed by the banker and reversed the deduction so made.The point to be mentioned is that the deduction was made in the financial year 2011-12 but the reversal was made only in financial year 2012-13. How do we show this in our financial statements and also where will this feature in the Revised Schedule VI?????
The Answer of your first query:- The amount is to be shown in Long term Loans and advances.
Second:- It does not make any difference what is Outstanding in Our bank we used to make our balance Sheet as per Our books and the entry of Rs. 10,00,000 will be shown in Bank reconciliation Statement which will be set off When it come to the Knowldge of Company meaning thereby balance Sheet is always finalized with balances in Books of the Company.
Another Example, If suppose we have issued Cheques amounting to Rs 50 Lac but the same were not presented and not debited in our Bank Account it does not mean they may have no effect in Our balance Sheet. The Cheques definitely have effect on balance Sheet.
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