Liability Booking
This query is : Resolved
10 May 2022
The advocate of our organisation rendered professional services for us in February & March, 2022. There was no predetermined contract for rates of services. He has raised an invoice for his above mentioned services on 10 April, 2022 & payment has been made thereafter.
Our organisation decided to book liabilities for expenses in it's financials for the year ended 31 March considering the accept the previous year's bills of creditors received upto 30 April, 2022.
Will the above invoice of the advocate dated 10 April, 2022 be booked as a liability for expense in the closing financials for 31 March, 2022 or will it be charged as an expense directly in the current FY 2022-23 ?
With best regards.
Our organisation decided to book liabilities for expenses in it's financials for the year ended 31 March considering the accept the previous year's bills of creditors received upto 30 April, 2022.
Will the above invoice of the advocate dated 10 April, 2022 be booked as a liability for expense in the closing financials for 31 March, 2022 or will it be charged as an expense directly in the current FY 2022-23 ?
With best regards.
10 May 2022
Professional services for you rendered in February & March, 2022,
Booke it as a liability for expense in the closing financials for 31 March, 2022.
Booke it as a liability for expense in the closing financials for 31 March, 2022.
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10 May 2022
OK Sir. Thank you and regards.
10 May 2022
You are welcome..........
11 May 2022
If total payment already made and that booked for February and March 22 exceeded Rs.30,000, deduct income tax at source (TDS) u/s 194J and deposit the same and include such deduction in your TDS return for 4th quarter.
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11 May 2022
Right Sir. Thank you.
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