In which head 'Telephone Expense Payable' will come under Schedule III of Companies Act'2013 -
Other Current Liability ; OR
Short Term Provisions ???
Bharat Gupta (Student CA Final) (30 Points)
01 June 2016In which head 'Telephone Expense Payable' will come under Schedule III of Companies Act'2013 -
Other Current Liability ; OR
Short Term Provisions ???
Dheeraj
(Partner)
(35 Points)
Replied 27 June 2016
If we have actually booked the bills and created a corresponding payable account, it should be shown under current liability. In contrast if we are making a provision for an estimated amount for the purpose of closing the books for any interim period or Financial year and actual bill has not been received yet then it shall be a provision.
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3303 Points)
Replied 27 June 2016
Telephone expenses fund minus telephone expenses paid = net provision carried forward to next financial year.
if you show as payable, it must comes under current liability head.
CA Ashish Gupta
(Internal Audit GST Balance Sheet Income Tax )
(55 Points)
Replied 13 July 2016
under current liability head
Praveen Tawania
(Owner)
(369 Points)
Replied 20 July 2016
Dear Member,
It shuld be under the head of Other Current Liabilities.
saurabh shahu
(Audit Assistant)
(142 Points)
Replied 26 August 2016
It should be accounted under the head other Current Liabilities...
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
