Reversal of expenses
This query is : Resolved
30 August 2011
Dear Experts
We had booked a Air Ticket and accounted as "Tours & Tavelling Expenses". but due to some reason we cancelled the said ticket and got the refund.
So please advise how it is accounted i.e. it is credited "Tours & Travelling Exp" or booked as an "Income"
Please also suggest which Accounting Standard is applied for this type of transactions.
Thanks
Bhoop Singh
We had booked a Air Ticket and accounted as "Tours & Tavelling Expenses". but due to some reason we cancelled the said ticket and got the refund.
So please advise how it is accounted i.e. it is credited "Tours & Travelling Exp" or booked as an "Income"
Please also suggest which Accounting Standard is applied for this type of transactions.
Thanks
Bhoop Singh
30 August 2011
It is not income
need to be reversed back your Tour & travel expenses and adjusted accordingly
this is normal accounting. no need to refer any accounting standard
Only in case the reversal in different year the need to be booked as prior period items
need to be reversed back your Tour & travel expenses and adjusted accordingly
this is normal accounting. no need to refer any accounting standard
Only in case the reversal in different year the need to be booked as prior period items
30 August 2011
That certainly not the INCOME of company hence the same should be show as "cr" to "tour and travelling exp." account.
According to me, there is no AS specially related to that case as it comes under general accounting practices and principles. You can refer AS-9 "revenue recognition"
now cheers
According to me, there is no AS specially related to that case as it comes under general accounting practices and principles. You can refer AS-9 "revenue recognition"
now cheers
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