Treatment of overbilling
This query is : Resolved
19 June 2008
A company billed a customer with higher amount.Income a/c as well as Debtor(Customer)A/c were posted with higher amount.2 years later the company realises the mistake.What should be the accounting treatment now?
19 June 2008
reverce transaction with difference amount and book income
20 June 2008
Income was already booked at higher side, so now how can i book the income again?
20 June 2008
Please answer..
20 June 2008
pass the following entry
p/l A/c ....Dr
to Sundry Drs A/c
p/l A/c ....Dr
to Sundry Drs A/c
23 June 2008
Instead of P&L, which expense account i should Debit? Whether Bad Debts is justifiable from Income Tax point of view, bcoz just bcoz i booked him as my debtor it was not my debtor in actual.
Can it be booked as prior period item since it is a rectification of mistake of earlier year..
Can it be booked as prior period item since it is a rectification of mistake of earlier year..
24 June 2008
Dear Sir,
You may refer AS-4. I.T. Dpt. will disallow if you show as Prior Period Items. SO the best option is to show as Sales return (It may create problem as its after 2 year). But there is no better option.
Regards,
Chintan.
You may refer AS-4. I.T. Dpt. will disallow if you show as Prior Period Items. SO the best option is to show as Sales return (It may create problem as its after 2 year). But there is no better option.
Regards,
Chintan.
26 June 2008
Can u please elaborate why it cannot be booked as Prior period expense.Since it was advertisement income it cannot be booked as sales return. Suggest me an alternative.Please..........
27 June 2008
Dear Sir,
How can you trat sales Return as Advertisement Exp?
Prior Period Items are disallowed by Income Tax Dept.
Regards,
Chintan
How can you trat sales Return as Advertisement Exp?
Prior Period Items are disallowed by Income Tax Dept.
Regards,
Chintan
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