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limit of misc. exp

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Querist : Anonymous (Querist)
31 May 2011 what is the limit of misc. exp. for co. the amount from which it can debit the misc. exp. a/c
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jagan sai

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jagan sai (Expert)
31 May 2011 As per schedule VI
Provided that any item under which the expenses exceed one per cent of the total revenue of the company or Rs. 5,000 whichever is higher shall be shown as a separate and distinct item against an appropriate account head in the Profit and Loss Account and shall not be combined with any other item to be shown Under "Miscellaneous expenses"
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