Form C not recd till the date of balance sheet
This query is : Resolved
Jayesh Bakhai
(Querist)
16 May 2009
A company has not received number of Form C on the date of preparation of balnce sheet. should company recognised the liability in respect of difference of tac rate (i.e. 12.5%-2%) in the balance sheet? what is the accounting entry? in future if the said C forms recd whether the company has to show income in the yaer of receipt or in the yaer in respect of Form C belongs?
16 May 2009
Do not recognize the difference in accounts. Show as contingent liability in the notes to accounts.
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Jayesh Bakhai
(Querist)
16 May 2009
thanks for prompt reply
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