Which financial year to book annual general meeting expense
This query is : Resolved
17 March 2016
While i was audit of my client i came to a query that is client has paid in nov 2015 500000 rs. rent for 110th AGM FY- 15-16 held on 1 july 2016. Now query is that rs. 500000 paid toward rent to booked in p&l account in 15-16 or 16-17. Plz support with relevant accounting principle
18 March 2016
Hi
If the expense has accrued and become payable on 31.3.2016 in respect of 2015-2016, you can show it as payable on 31.3.2016 however, the expense becomes payable only when the agm 2016 is held. hence, you have to show it during fin.year 2016-2017
If the expense has accrued and become payable on 31.3.2016 in respect of 2015-2016, you can show it as payable on 31.3.2016 however, the expense becomes payable only when the agm 2016 is held. hence, you have to show it during fin.year 2016-2017
Message likes :
1 times
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
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- ASMT-10 received from A O
- ITR-3 File/Error Found
- TDS offline utility
- Due Date Clarity
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Average Cost Of High Quality Diamonds
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- 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
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
