Prior period expense
This query is : Resolved
07 December 2009
Plz help me
Client has received a bill of professional services amounting to Rs. 22,000 in current year, services was availed by him in last year. Due to some dispute it happened. No provision had been made in last year for the same.
Plz tell me the accounting treatment and disclosure requirement (if any).
Client has received a bill of professional services amounting to Rs. 22,000 in current year, services was availed by him in last year. Due to some dispute it happened. No provision had been made in last year for the same.
Plz tell me the accounting treatment and disclosure requirement (if any).
07 December 2009
1) Debit the amount in professional fee in current year.
2) In the notes on accounts mention that 'professional fee includes Rs. 22,000/-pertaining to previous year.'
3) In the IT computation disallow the expenditure to arrive current year tax liability.
2) In the notes on accounts mention that 'professional fee includes Rs. 22,000/-pertaining to previous year.'
3) In the IT computation disallow the expenditure to arrive current year tax liability.
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
- TDS 194-T applicability
- Tds on commission charges
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Applicability of GST on Salary Reimbursement Component
- New GST registration for new place of business.
- Consolidated financials
- Need Professional Opinion AY 2012-13 Old Demand
- Withdrawal in cash from partners capital account by partner
- Regarding Applicability of Tax Audit u/s 44AB
- FAST-DS Scheme - Foreign Assets
- Salary from Qatar in Dollars in India
- CHECK RELATED
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
Quick Links
ARTICLESHIP
01 September 2026
Articles
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
View Details
Featured
12 September 2026
Assistant Manager - Finance & Compliance
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
ARTICLESHIP
15 September 2026
Freelance Taxation Content Writer Intern
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
CCI
Pro
CAclubindia
