understated
This query is : Resolved
21 June 2010
On Behalf Of My Friend I Would Like to solve some queries which are as follows. Who will be appearing the Dec 2010 CPT.
1)What do u mean by understated & Overstated. With the help of a example(S)(S).
2)Chapter No. 8 The Book Given By the ICAI Which says if the interest is on drawings or on the capital & if the withdrawals are made evenly i the begininng of the month, interest can be caluclated easily for the whole of the amount of 6.5 months but if withdrawals are made at the end of the month than interest will be calclauted for 5.4 months while is those becase as per the aprtnership act, 1932 there is no provision like this which has been said by the books (refer to the page no. 8.10) of the book issued by the insitute ICAI.
pls tell me .
Thanks A Lot.
1)What do u mean by understated & Overstated. With the help of a example(S)(S).
2)Chapter No. 8 The Book Given By the ICAI Which says if the interest is on drawings or on the capital & if the withdrawals are made evenly i the begininng of the month, interest can be caluclated easily for the whole of the amount of 6.5 months but if withdrawals are made at the end of the month than interest will be calclauted for 5.4 months while is those becase as per the aprtnership act, 1932 there is no provision like this which has been said by the books (refer to the page no. 8.10) of the book issued by the insitute ICAI.
pls tell me .
Thanks A Lot.
21 June 2010
Understated or overstated
If an expense is of Rs. 25000 say rent but we expensed off only 24500. So, it is been understated by Rs. 500 and it need to expensed off in the profit and loss account.
Similarly, in the above case, if the above expense is debited in the profit and loss account by Rs. 26000 so it can be said it overstated by the Rs. 1000 and it needs to be reversed.
If an expense is of Rs. 25000 say rent but we expensed off only 24500. So, it is been understated by Rs. 500 and it need to expensed off in the profit and loss account.
Similarly, in the above case, if the above expense is debited in the profit and loss account by Rs. 26000 so it can be said it overstated by the Rs. 1000 and it needs to be reversed.
21 June 2010
Understated or overstated
If an expense is of Rs. 25000 say rent but we expensed off only 24500. So, it is been understated by Rs. 500 and it need to expensed off in the profit and loss account.
Similarly, in the above case, if the above expense is debited in the profit and loss account by Rs. 26000 so it can be said it overstated by the Rs. 1000 and it needs to be reversed.
If an expense is of Rs. 25000 say rent but we expensed off only 24500. So, it is been understated by Rs. 500 and it need to expensed off in the profit and loss account.
Similarly, in the above case, if the above expense is debited in the profit and loss account by Rs. 26000 so it can be said it overstated by the Rs. 1000 and it needs to be reversed.
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
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Copyright software
- SFT Cash Deposit in Current Account
- Regarding TDS Applicability For Director Remuneration
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
