While calculating the book profit we add back the following:
"the amount set aside to provisions made for meeting liabilities other then ascertained liability"
what are the item which are cover under this clause......
CA Pradeep Kumar Rajput (CA/CS/CMA) (4460 Points)
18 February 2011
While calculating the book profit we add back the following:
"the amount set aside to provisions made for meeting liabilities other then ascertained liability"
what are the item which are cover under this clause......
CA SALONI
(CHARTERED ACCOUNTANT)
(391 Points)
Replied 18 February 2011
THIS CLAUSE COVERS UNASCERTAINED LIABILITIES
CA Pradeep Kumar Rajput
(CA/CS/CMA)
(4460 Points)
Replied 18 February 2011
Saloni JI...
I mean to say what are the various items debited in the profit and loss account which come under this clause....
i mean what are the unascertained liabilities
Sumiti Jain
(FP)
(1364 Points)
Replied 18 February 2011
E.g. Provision for Gratuity
Dividend Received if any, which is exempt u/s 10(34) etc.