Accounting treatment against recovery
This query is : Resolved
18 May 2019
Dear Experts please advise
We are doing recovery of some amount from our Vendors or Transporters or Employees against related losses.
Please advise what should be the accounting treatment to book
1. Should I net off / reduce the related expenses
2. Should I show these recoveries in Cr/Income side in P&L as 'Recovery from Customer/Transporter/Employee" under group other income
We are doing recovery of some amount from our Vendors or Transporters or Employees against related losses.
Please advise what should be the accounting treatment to book
1. Should I net off / reduce the related expenses
2. Should I show these recoveries in Cr/Income side in P&L as 'Recovery from Customer/Transporter/Employee" under group other income
07 June 2019
you can net it off.
But if the amount is substantial, then show separately
But if the amount is substantial, then show separately
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- RELATED TO TRIBUNAL APPEAL
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- TDS AND ITR ISSUE
- Sec 44ada applicable only or both
- GST Rate for Catering Services
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Journal entry of busniess expenses
- Cash balance limit and property purchases limit
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
