hi
wht is d accounting treatment of unclaimed exp./liabilities ?
and after how much time/days it shud b reversed/done/treated in books?
thanks in advance!
Kumar Gaurav (Going...to be C.A soon...) (1624 Points)
26 June 2010hi
wht is d accounting treatment of unclaimed exp./liabilities ?
and after how much time/days it shud b reversed/done/treated in books?
thanks in advance!
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 31 July 2010
Dear
Any dues to be paid & provided in the books amy be treated as unclaimed liability. For exmaple a retnetion money has tobe paid on completion of a contract after a certain period say 3-5 years. But the party at the end has nat claimed/paid ever after the stupilated period it has tobe treated as income (other income/misc. income) This is the normal procedure.
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