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Duties Paid Against Protest

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(Querist)
04 March 2010 What is the accounting treatment of Duties Paid Against Protest. whether to be charged off to P/L or consider as Asset.
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vrnanda

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vrnanda (Expert)
15 March 2010 duties paid against the protest should be shown under current assets. however a note should be made in the notes or separate disclosure in schedules.

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