For refund amount
This query is : Resolved
15 April 2016
we paid exhibition stall rent which is conducted in dubai . after the completion of exhibition , we received a refund amount for excess payment. so that excess amount we are added to capital account of proprietor. ios it correct or not ? please resolve.
CA R SEETHARAMAN
(Expert)
15 April 2016
It is not right, Credit the amount to exhibition stall rent ac.
Murtaza I Bhagat
(Expert)
15 April 2016
Excess amount of refund need to be set off against rent expense. So it will come out with net rent expense.
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