Revised sch-vi
This query is : Resolved
Monika Agarwal
(Querist)
26 June 2012
There was miscellaneous expenditure of Rs.20,000 of which we are writting off Rs.2000/- each year. Now, Rs.18000/- stands in our account. In revised schedule-VI, there is no place to show Miscellaneous Expenditure.
Please, suggest us whether it should be written off fully or it can be treated in some other manner.
Please, suggest us whether it should be written off fully or it can be treated in some other manner.
CA CS Amit S. Kedia
(Expert)
26 June 2012
Preliminery expenses are shown under "other current assets" and "other non current assets" dependng upon the criteria prescribed for current and non current portion.
Rs. 2000 will be shown under " other current assets" and remaining Rs. 16000 will be shown under " other non current Asssets'.
Rs. 2000 will be shown under " other current assets" and remaining Rs. 16000 will be shown under " other non current Asssets'.
CA CS Amit S. Kedia
(Expert)
26 June 2012
At present, there is no miscellaneous concept as such. only preliminery expenses are deferred and all other expenses are written off in the year of expenditure incurred.
26 June 2012
Hello Monika
In revised schedule VI,The head other current assets is an all-inclusive heading. where all those heads which do not fit in any other asset category can be included.
In revised schedule VI,The head other current assets is an all-inclusive heading. where all those heads which do not fit in any other asset category can be included.
26 June 2012
As Mr. Amit rightly said. Now, there is no concept of miscellaneous expenditure. Only preliminary expenses are deferred.
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