My company had taken OD against properties from Bank for the period of 14 years. The Bank had debited Rs.710000/- in Feb-2016 as Processing Fees for the period 14 years. Now i want to know that can i book processing fees as prepaid expence in my account book or total amount of Rs.710000/- book in Fy 2015-16 as processing fees. Please suggest.
1 Replies
CA Saurabh Singh
(Practising Chartered )
(974 Points)
Replied 01 August 2016
Hello Vishal,
Yes pooking of prepaid expenses can be correct treatment for the same, as you have ultimately made an advance payment and each year debiting the proportionate expenses and crediting the prepaid account.
Recent Topics
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- Nznxnc call me at the end of the day of the
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
Related Threads
CAclubindia
