CA Abhishek Singh (practice) (2105 Points)
23 February 2013Hello everyone,
i have to do accounting and file income tax return of a film producer.
i am confused as to what heads of expenditure should be created for booking expenses.
can anyone send me the profit & loss account of any film producer so that i can get an idea about nature of expenses etc.
thanks in advance.
AMAR SAMPAT
(ca final cum SERVICE)
(100 Points)
Replied 25 February 2013
IN CASE OF FILM PRODUCER TILL THE TIME OF RELEASE OF FILM, ALL EXPENSE OF THE FILM HAS TO BE KEPT AS COST OF PRODUCTION - FILM NAME UNDER THE HEAD CURRENT ASSET. AND ONLY EXP PERTAINING TO OFFICE HAS TO BE BOOKED UNDER PROFIT AND LOSS
Pawan Mittal
(CA Final)
(702 Points)
Replied 07 March 2013
I think accounting of producer of companies should be like a contract.
Just like a contractor a film is a contract for a producer. You should do accounting of film producer just like contractor.
I havn't done accounting of producers but its just an idea.
Mukesh Kumar
(Salaried)
(275 Points)
Replied 11 March 2013
You can devide expenses in many following heads and it's simple like any other business.
camera hiring (with camera attdn.), location hiring , cameraman & asst fee, director fee, spot boy wages, lights & equipment hiring, lights boys wages, make up charges, stylist fee (costume purchased) , production exps. , shooting expenses and many other kind of expenses.
just check out the invoices.
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