Prepaid ecpenxse
This query is : Resolved
19 January 2012
My client is providing service for SAP to external clients. They are also purchasing service (SAP) from other external clients.Eg. Client is providing service for the period Dec 2011 to Nov' 2012 and they are receiving contract amount for the full period. Quetion arises whether the amount received for the months subsequent to financial year 2011-2012(i.e from April 2012 to Nov'12) should be charged as Advance received (or prereceived)?? Plz Advice...
19 January 2012
Since the amount received covers two different accounting periods the amount received shall be apportioned to both the accounting years.
Amount for 8 months from April to Nov shall be shown as advance receipt.
Amount for 8 months from April to Nov shall be shown as advance receipt.
Message likes :
1 times
19 January 2012
It will be considered as Advance Recd only for the portion of the next year.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Reporting Income under Section 44ADA
- Itr 1 processing
- Building and other construction workers welfare cess act 1996
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Bank Accounts in Balance Sheet for ITR 3
- TDS ON CASH WITHDRAWALS...
- Eway bill for machinery reparing
- Annual return of gst limit
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
