prasad Nilugal
(3914 Points)
Replied 04 April 2021
1) Differed Revenue Expenditure - Expense which are incurred in current F.Y , however benefits of same will be in the coming years i.e Advertisement Expense
2) Accrued Income - Income which is earned during the F.Y but not actually received , has to be reported on 31 st march Asset side balance sheet
3) Outstanding Expense - Expense which are not paid during the current F.Y are called Outstanding Expense , has to be reported on 31st march liability side Balance sheet .
4) Prepaid Expense - Expense which are paid in Advance or for next F.Y in current F.Y has to be reported on 31st march Asset Side Balance sheet .
5) Income received in Advance - Income which is received in current F.Y of next F.y on 31st march has to be reported liability side balance sheet .
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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