Reversal of expenses
This query is : Resolved
CA Nitin Kothari
(Querist)
26 September 2011
Dear Experts,
I have come accross a situation where during the year a reversal of earlier provision is made as the contract got cancelled and same was provided in last year and during the year there is no such expense against which this provision can be reversed so where to show it in financial statements, whether in income side or below the line as extraordinary and prior period item plz reply soon with the supporting if any
As per my knowledge it should be shown below the line
I have come accross a situation where during the year a reversal of earlier provision is made as the contract got cancelled and same was provided in last year and during the year there is no such expense against which this provision can be reversed so where to show it in financial statements, whether in income side or below the line as extraordinary and prior period item plz reply soon with the supporting if any
As per my knowledge it should be shown below the line
CA Nitin Kothari
(Querist)
26 September 2011
plz reply experts i want to finalise
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- Oct 2025 Invoices
- Capitalgain tax purposes for valuation report compulsory
- Under marginal scheme
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- GST on Renting godown to KFCSC for Storage of Raagi
- Import of Software Service.
- TAX AUDIT ON PROFESSIONAL INCOME
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
