Mis. expenditure
This query is : Resolved
C.A. Dhara
(Querist)
30 June 2010
How much expenditure one can putr under mis. expenses head?
for co there is a rule as per co's Act but what abt other concern such as partner ship firm and all like that other than co?
for co there is a rule as per co's Act but what abt other concern such as partner ship firm and all like that other than co?
Shudhanshu Agrawal
(Expert)
30 June 2010
For company the limit is upto 5,000 but in other cases there is no such limit.
30 June 2010
Expenses less than 1% can be grouped under miscellaneous expenses.
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".]
Expenses less than 1% can be grouped under miscellaneous expenses.
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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