a invest in mutual fund 25000/- for financial year 2008-09
and get full amount in financial year 2009-10 Rs 35000/-
question is a has not show the investment in the year 2008-09 in books
but show amount he gets in the financial year 2009-10
question is in this case hw to recoard the amount he gets in the financial year 2009-10
and book the profit since a did not show the investment in the books of accounts
hw to pass entry for this
cash ac dr
to indirect income/ other income a/c
I think the better option would be to reopen the books of 2008-9 and make entry for investment and books the profit in the present year. Because if you don't do it, then may be you will have to pay tax on the total sum.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CAclubindia
