payment to an expired contract

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Rajalakshmi Nair (Querist)
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31 October 2016 Dear Sir /Madam, contract expired in August 2015, it was a 3 months contract. extension required for 14 months. how should I Address this?? please help Regards Rajalakshmi

Amol S Joglekar

Amol S Joglekar (Expert)
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01 November 2016 what sort of contract it is?

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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02 November 2016 You have to enter into a new contract or add extension clause in the existing contract by amending the contract. If you are not sure regarding tenure of the contract, it is better to have an "extension clause" in the contract stating that it would be extended by mutual decision of both the parties to the contract.

As far as accounting is concerned, the entry has to be passed in the same ledger where you were passing earlier

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