Repayment of advance paid to purchase land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 November 2013
A company paid to a landlord a sum of money for example 10 lakh to purchase his land. After few years dispute arise and repaid the advance with interest and compensation for example 15 lakhs. how it should be accounted it in compliance with Revised Schedule?
Ganeshbabu K
(Expert)
01 November 2013
recognise as income in statement of profit and loss in note "Other Income"
.
.
it is indirect income hence you should not account it as revenue from operations
.
.
it is indirect income hence you should not account it as revenue from operations
CA UMESH DULAL
(Expert)
01 November 2013
Treat the interest paid as expenses
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