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)
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
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.
24 September 2012
It will be sundry creditors under the head current liabilities.
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