Pre deposit amount for appeal to Customs was wrongly charged to P & L account. As we win appeal, will get back thus amount. Can we reverse ii to Balance sheet as asses- recoverable from customs. Please advise
Jayanta Bandyopadhyay (230 Points)
26 December 2023Pre deposit amount for appeal to Customs was wrongly charged to P & L account. As we win appeal, will get back thus amount. Can we reverse ii to Balance sheet as asses- recoverable from customs. Please advise
RAJA P M
("Do the Right Thing...!!!")
(127187 Points)
Replied 26 December 2023
Jayanta Bandyopadhyay
(230 Points)
Replied 26 December 2023
We had deposited in 2018 to press for appeal under Customs Act and got favourable judgement in 2023. By mistake, we had taken it to cost . Customs Dept asks auditor certificate about BALANCE SHEET SHOWING AMT RECOVERABLE FROM CUSTOMS
We get stuck . How to meet this criteria?
RAJA P M
("Do the Right Thing...!!!")
(127187 Points)
Replied 26 December 2023
CA Raj Doshi
(Practising CA)
(8782 Points)
Replied 27 December 2023
Jayanta Bandyopadhyay
(230 Points)
Replied 27 December 2023
Sir
Would you please guide about applicable AS and CA Institute guideline or case laws. Auditors are reluctant. We need to take them on board. Else to forfeit Rs.6 Lakhs for a mistake
CA Raj Doshi
(Practising CA)
(8782 Points)
Replied 27 December 2023
Pass entry for
DR provision for customs refund receivable ( current assets )
CR custom duty refund ( other income )
And take CA certificate
Jayanta Bandyopadhyay
(230 Points)
Replied 08 January 2024
Jayanta Bandyopadhyay
(230 Points)
Replied 08 January 2024
Sir
Can we pass 2 entries
1. General Reserve Dr
To
Pre deposit for filing appeal under Customs act [prior period income]
2. Refund Receivables from customs dept Dr
To
Pre deposit for filing appeal under Customs act [prior period income]
RAJA P M
("Do the Right Thing...!!!")
(127187 Points)
Replied 08 January 2024
Why two entries...??
Please reply for this one...
Where is actual located in this amount at the time of booking...??
Jayanta Bandyopadhyay
(230 Points)
Replied 08 January 2024
ADDENDUM
Sir
Can we pass 2 entries
1. Provision for predeposit receivable Dr
To
Pre deposit for filing appeal under Customs act [prior period income]
2. Refund Receivables from customs dept Dr
To
General Reserve
But getting no clarity. Kindly guide
RAJA P M
("Do the Right Thing...!!!")
(127187 Points)
Replied 08 January 2024
Bro,
I will definitely clear Your query.
But,
I want clarity about the entry at the time of appeal amount booked entry.
It mean I want wrongly charged entry details...
Jayanta Bandyopadhyay
(230 Points)
Replied 08 January 2024
Sir
Wrongly charged to P & L from bank book in 2020.
Regularisation in 2024
Pl guide vis a vis AS. PRIOR PERIOD ADJ AND TAX AUDIT
RAJA P M
("Do the Right Thing...!!!")
(127187 Points)
Replied 08 January 2024
| Originally posted by : Jayanta Bandyopadhyay | ||
 |
Sir Wrongly charged to P & L from bank book in 2020. Regularisation in 2024 Pl guide vis a vis AS. PRIOR PERIOD ADJ AND TAX AUDIT |
 |
Bro,
Please give that wrong entry posted in 2020.
Please give the actual voucher entry here
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