CASH PAID FOR THE PURCHASE OF WRIST WATCHES TO CELEBRITY IS GROUPED UNDER WHICH ACCOUNTING HEAD ?
6 Replies
ANJALI NEGI
(Chartered Accountant)
(1263 Points)
Replied 17 October 2012
I think it depends on the nature of bussiness you are doing and purpose of giving watches. Accor. to me it can be categorise in the following heads-
1. Bussiness promotion
2. Advertising
3. Honorarium....
(Guest)
Yes anjali, it depend upon the nature of businessand for what purpose you buy this.
it depends on the nature of bussiness you are doing and purpose of giving watches.
Read more at: /forum/head-of-accounts-224556.asp#.UH6pdq6CapY
Read more at: /forum/head-of-accounts-224556.asp#.UH6pdq6CapY
Rajesh Raman
( )
(292 Points)
Replied 18 October 2012
NATURE OF BUSINESS WAS SELLING KITCHEN INTERIORS, PAYMENT MADE FOR PURCHASING WATCH,CURIOUS ETC.
ANJALI NEGI
(Chartered Accountant)
(1263 Points)
Replied 18 October 2012
Can u give me a valid purpose for which u are giving watches to the celebrity. Is it for the purpose of adversiting ur selling products.... If it is so then u should classify the same under head" Bussiness Promotion".
yusufsahibmaricar
(Office Manager Cum Accountant)
(40 Points)
Replied 20 October 2012
General Expenses-Business Promotion
Recent Topics
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF UNCLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
Related Threads
CAclubindia
