Prior period item
This query is : Open
Raghavendra kumar
(Querist)
18 May 2013
an advance of Rs.1,00,000/- have been given by an educational society for purchase of software for student education during the year 2011-12 and the software have delivered during the year 2011-12,because of poor performance of software the contract have been closed during the year 2012-13 with that advance amt only,without paying the remaining balance.some one please suggest me how to close the transaction now.
CA PARAS BAFNA
(Expert)
18 May 2013
Though the particulars furnished are incomplete, yet the amount shown as advance may be debited to Expenses account in FY 2012-13 as the same may be deemed as - have been incurred
for the FY 2012-13.
.
for the FY 2012-13.
.
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