Provision for expenses
This query is : Resolved
18 April 2015
Kindly suggest solution on following issues:-
1) IF BILL RECEIVED DATED 05.04.2015 BUT CONCERN BILL EXPENSES RELATED TO FOR THE FINANCIAL YEAR 2014-15 AND OUR BOOKS STILL NOT CLOSED FOR F.Y 2014-15 THEN CAN WE BOOKED THIS EXPENSES IN MARCH -2015.
OR
WE NEED TO MAKE PROVISION OF THE ABOVE SAID BILLS.IF YES THEN IT IS POSSIBLE TO CREDIT LIABILITY TO CONCERN PARTY DIRECTLY OR EXPNSES PAYABLE ACCCOUT.
1) IF BILL RECEIVED DATED 05.04.2015 BUT CONCERN BILL EXPENSES RELATED TO FOR THE FINANCIAL YEAR 2014-15 AND OUR BOOKS STILL NOT CLOSED FOR F.Y 2014-15 THEN CAN WE BOOKED THIS EXPENSES IN MARCH -2015.
OR
WE NEED TO MAKE PROVISION OF THE ABOVE SAID BILLS.IF YES THEN IT IS POSSIBLE TO CREDIT LIABILITY TO CONCERN PARTY DIRECTLY OR EXPNSES PAYABLE ACCCOUT.
CA Himanshu Sharma
(Expert)
18 April 2015
Its better to make through Payable account rather crediting party directly.
Regards
Regards
CA Himanshu Sharma
(Expert)
18 April 2015
Its better to make provision through Payable account rather crediting party directly.
Regards
Regards
CA AnKiT BoHrA (AB)
(Expert)
18 April 2015
through payable account, make the provision
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