Prior period expence
This query is : Resolved
nilesh khandelwal
(Querist)
26 July 2012
while doing audit of a firm , i found an expense of the month of march'11 via credit card . bill was received on 5th day of april'11 . but the provision for the same were not been made . the same bill was not paid in the month of april'11 , was paid in the month of may'11 .
pleas solve the query while keeping the law of income tax act .
pleas solve the query while keeping the law of income tax act .
Amol S Joglekar
(Expert)
26 July 2012
Materiality should prevail. What is the amount and what is customary under the credit card transaction is of utmost importance.
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nilesh khandelwal
(Querist)
27 July 2012
the amount is Rs.5000/-
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