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.
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