CA and CS Student
93 Points
Joined October 2012
@ Gaurav Mohnani.......
In Nov/Dec 2012 exams, ICAI has asked questions based on revised schedule, as also notified by it earlier. But when book was printed there would be schedule VI under practice, hence answer is misc. exp.
So the correct answer is Non-Current Asset as misc exp doesn't find any place in revised schedule.
In such a cases where amendment has made in practice but not applied in exams, a footnote resoleves the problem of delimma. Simply place it at the end of ques specifying the assumption you have taken i.e. old/new n you r done with.