accounting treatment
This query is : Resolved
29 July 2011
SINCE WE ARE PROVIDING WAREHOUSING SERVICES AND IN THE FINANCIAL YEAR 2010-11 AN ADVANCE AMOUNT OF 17500 RECEIVED FROM OUR CLIENT WHICH WAS DIRECTLY BOOKED INTO THE WAREHOUSING INCOMES INSTEAD OF ADVANCE RECEIVED FROM PARTY FURTHER WHEN THE SERVICE COMPLETED THE FINAL AMOUNT DID NOT ADJUSTED WITH THE ADVANCE AMOUNT RECEIVED AND FULL PAYMENT AGAIN RECEIVED FROM THE CLIENT IN THE FINANCIAL YEAR 2010-2011 ITSELF. NOW IN THE FINANCIAL YEAR 2011-2012 IT IS COME TO OUR NOTICE AND THE EXCESS AMOUNT OF 17500 IS TO REFUND TO THE PARTY.
SO PLEASE CLARIFY THE ACCOUNTING TREATMENT AND ANY TAX IMPLICATIONS IF WE REFUND THE AMOUNT IN THIS YEAR AS OUR CORPORATION HAS PAID 33.33% TAX ON SUCH INCOME.
SO PLEASE CLARIFY THE ACCOUNTING TREATMENT AND ANY TAX IMPLICATIONS IF WE REFUND THE AMOUNT IN THIS YEAR AS OUR CORPORATION HAS PAID 33.33% TAX ON SUCH INCOME.
CMA Ramesh Krishnan
(Expert)
30 July 2011
you need to reverse the sales in current year and pay the amount to party
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