BANK GURANTEE CHARGES

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P.Kannan (Querist)
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29 June 2011 Dear Guys

Bank Guranttee charges are why not taken to Prepaid expenses if it is possible or not please explain me

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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29 June 2011 When Bank Grantee is given? Is it prior to formation of the company or after ?. Bank guarantee is given in course of the business dealings and hence the same is not a prepaid expenses. If you have given B. G. for a work is is to be taken up in the next year then you can treat this as a deferred revenue expenses and show the same on the Debit side of the Balance Sheet under the head Miscellaneous expenses.

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