01 November 2013
A company paid to a landlord a sum of money for example 10 lakh to purchase his land. After few years dispute arise and repaid the advance with interest and compensation for example 15 lakhs. how it should be accounted it in compliance with Revised Schedule?
01 November 2013
yes can be recognised as indirect income.. . . if possible account seperately for interest income and compensation on cancellation of contract . . and you may show in "Other Income" in statement of profit and loss