Regarding excess outstanding liability in last f y
niranjan (student) (73 Points)
01 April 2015niranjan (student) (73 Points)
01 April 2015
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 02 April 2015
FY 14: Dr. R&M & Cr. Provision for R&M: ₹5 lacs (provision made)
FY 15: Dr. Provision for R&M & Cr. Bank: ₹4.5 lacs (actual exps & payment)
FY15: Dr. Provision for R&M & Cr. R&M: 0.5 lacs (reversal of provision)
There is no prior period expense. 0.5 lacs will be credited to R&M a/c. If u have any expenditure under this head, it will automatically get reduced from this a/c or else it will be shown as income in P&L
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