Grouping of itmes as per rev sch vi - very urgent
This query is : Resolved
Renuka Muthreja
(Querist)
29 May 2014
Hello,
Kindly guide me how should the following items be shown in Profit & Loss Statment as per rec sch VI.
1.Loss on sale of one asset and profit on sale of other asset can it be net off. where it shoulb be classified.
2.Recruitment fees under which head
3.Advertisement & Promotion.
Thank you in advance.
Kindly guide me how should the following items be shown in Profit & Loss Statment as per rec sch VI.
1.Loss on sale of one asset and profit on sale of other asset can it be net off. where it shoulb be classified.
2.Recruitment fees under which head
3.Advertisement & Promotion.
Thank you in advance.
Vishnu Saboo
(Expert)
30 May 2014
in my opinion
1. you must show both separately, loss in grouping of admin exp, and income in other income.
2 RECRUITEMENT EXPENSES are also nature of admin exp.
3 advertise and promotion are type of sales & promotion exp, which must be grouped in other selling exp.
1. you must show both separately, loss in grouping of admin exp, and income in other income.
2 RECRUITEMENT EXPENSES are also nature of admin exp.
3 advertise and promotion are type of sales & promotion exp, which must be grouped in other selling exp.
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