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Misc exp

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(Querist)
26 June 2010 pls explain what is the limit of amount to be debited under the head misc exp as per schedule 6
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
26 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".]
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
26 June 2010 one per cent of the total revenue of the company
or
Rs. 5,000
----whichever is higher
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