Provision required or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 May 2012
Dear Experts,
A Limited company paid Advance for land but the deal was canceled & party refuse to refund the advance amount. Matter is pending in court.
Whether provision for RDD is required in the books.
A Limited company paid Advance for land but the deal was canceled & party refuse to refund the advance amount. Matter is pending in court.
Whether provision for RDD is required in the books.
15 May 2012
Considering the legal right to receive and progress of court proceedings, an entity needs to impair its advance / recoverable.
If there is a probability of recovering some percentage, provision should be made for balance.
If there is a probability of recovering some percentage, provision should be made for balance.
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
Trending Online Classes
CAclubindia
