Max Payne (employed) (2574 Points)
04 January 2012Dear Friends
We provided Audit Fees + service tax in the final accounts circulated to shareholders.
But CA did not bill for Service tax.
So are we allowed to reverse provision for audit fees in the current financial year?
Can this be taken as current period item?
Its not an error or omission or change in accounting estimate no? So can we show as reversal of provision in the P&L Account?
suchit shah
(Dy. Manager(Finance & Accounts))
(208 Points)
Replied 04 January 2012
i think u need to reverse amount stating Excess provision written off, which will be considered as your income..................
Max Payne
(employed)
(2574 Points)
Replied 05 January 2012
I was going to do that only sir...
but should it be a separate line item in P&L?
CAclubindia
