Wip
This query is : Resolved
20 September 2012
i would like to make provision for my sub-contractor as on 31.03.2012. eq. rs.100/- as expense (WIP), rs.2/- as tds, then rs.98/- will go to which group? PLEASE GIVE US THE accounting ENTRY & GROUPING. {WIP-EXPENSES)
Aditya Maheshwari
(Expert)
20 September 2012
If your question relates to new schedule VI then there are not your trade payables and hence they should be grouped as other current liabilites.
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20 September 2012
thanks, but we want to know about accounting entry like head & group. It is not connected to Schedule VI
Aditya Maheshwari
(Expert)
20 September 2012
Sundry creditors.
21 September 2012
I don't think, it is sundry creditor.
If it is income, it goes to income & current asset. Same way regarding expenses, it must be going expense & current liabilities but i am not sure, so i just want to clarify the same.
If it is income, it goes to income & current asset. Same way regarding expenses, it must be going expense & current liabilities but i am not sure, so i just want to clarify the same.
Aditya Maheshwari
(Expert)
24 September 2012
It will be sundry creditors under the head current liabilities.
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