Misscellaneous expenditure as per revised schedule
This query is : Resolved
05 June 2012
Any one Please clarify that if a miscellaneous expenditure has policy to w/off with in 5 year then as per revised schedule VI disclosure of this as follows:
1) Portion of Misc expenditure w/off within next 12 months shown in other current assets.
2) and the rest of portion as non current assets.
Am i right or the whole amount should be shown as non current assets.
My other query is that like as on 01.04.2010 balance of Misc exp- 15000/- w/off during F.Y 10-11 - 5000/- op balance as on 01.04.2011 = 10000/- w/off during F.Y 11-12= 5000/- Balance as on 31.03.2012=5000/-
Now my question is that whether in previous year column of B.S, Misc Expenditure shown as Non current asset and in Current Year shown as current asset
1) Portion of Misc expenditure w/off within next 12 months shown in other current assets.
2) and the rest of portion as non current assets.
Am i right or the whole amount should be shown as non current assets.
My other query is that like as on 01.04.2010 balance of Misc exp- 15000/- w/off during F.Y 10-11 - 5000/- op balance as on 01.04.2011 = 10000/- w/off during F.Y 11-12= 5000/- Balance as on 31.03.2012=5000/-
Now my question is that whether in previous year column of B.S, Misc Expenditure shown as Non current asset and in Current Year shown as current asset
06 June 2012
Miscellaneous expenditure may be reduced from the 'reserves and surplus' in current year as well as in previous year figure's with a suitable disclosure in the note.
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