Treatment of Prepaid expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 July 2010
How will be prepaid expenses treated if its debited in P & L a.c of a company ?
Wether it will be disallowed under income tax act?
Wether it will be disallowed under income tax act?
17 July 2010
Pre paid expenses not come in P&L it is an current assets in the Balance sheet. Under Income tax, it will be allowed in which year the expenses related
17 July 2010
expenses allowed as accrual basis.
Prepaid expenses a/c Dr.
to cash/bank a/c
_______________________
expenses a/c Dr.
to prepaid exp. a/c
______________________________
Prepaid expenses a/c Dr.
to cash/bank a/c
_______________________
expenses a/c Dr.
to prepaid exp. a/c
______________________________
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- Rental income of jointly held property
- NRI INSURANCE ADVISOR
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
