PROVISION
This query is : Resolved
23 January 2010
CASE - THE COMPANY MADE RS 100000 PROVISION FOR THE PAYMENT TOWARDS LTA IN THE YEAR 2008-09. BUT IN THE CURRENT YEAR 2009-10 THE CO. BOOKED RS 150000 AS LTA EXPENSES RELATING TO 2008-09.
HOW IT WILL BE SHOWN UNDER BOOKS AND FINANCIAL STATEMENTS.
IS THE EXCESS PAYMENT OVER PROVISION WILL BE SHOWN UNDER PRIOR PERIOD EXPENSES IN THE P&L A/C.
AS AN AUDITORS SHOULD I QUALIFY THE REPORT.
PLEASE SUGGEST BOTH ACCOUNTS AND AUDIT PROSPECT OF THE CASE.
HOW IT WILL BE SHOWN UNDER BOOKS AND FINANCIAL STATEMENTS.
IS THE EXCESS PAYMENT OVER PROVISION WILL BE SHOWN UNDER PRIOR PERIOD EXPENSES IN THE P&L A/C.
AS AN AUDITORS SHOULD I QUALIFY THE REPORT.
PLEASE SUGGEST BOTH ACCOUNTS AND AUDIT PROSPECT OF THE CASE.
CA Vijay Kumar Gupta
(Expert)
23 January 2010
yes It is a prior period expenditure. For qualifying audit report, check materiality and disclosure as per As-5
23 January 2010
Dear Avinash Article Assistant (AAA),
CA Vijay is right.
Uski Baat Mano.
CA Vijay is right.
Uski Baat Mano.
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