I'm working in a company.
In my company accounts they had accounted land development charges for Rs.600000. Is there is any problem in future.
2 Replies
CA PRASHANT KR MISHRA
(AS A MEMBER IN CA FIRM)
(249 Points)
Replied 27 October 2011
if you have checked the details of its payment through BAnk A/c and othe proof of payment then there is no problem
CA Sachin Rastogi
(Audit/IFRS Manager)
(338 Points)
Replied 30 October 2011
It will be more interesting to think whether these land development charges needs to be capitalised to the land account or needs to be expensed off in the income statement.
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