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2 queries

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25 April 2015 1. purchase of window , Ms package & software for the limited company is to be considered as revenue expenses or capital expense? 2. why duty drawback on export is considered as indirect income and why it is shown on credit side of profit and loss a/c?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
25 April 2015 1. It has to be capitalized as intangible asset and depreciated over its useful life.
2. Duty paid should have been charged off as expenses/added to value of goods, that is why now the receipt is shown on credit side of P&L a/c.
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