Hi members....!!!
One of my office client (Firm) expended Rs.13.45 lakhs for purchase of gift articles for business promotion of which their turnover Rs.78.14Lakhs for FY 2011-12..
can i show this expenduiture in P&L a/c as an business Promotion ??? or Balance sheet as an asset ??
Please specify the exact nature of gift article whether it is in the nature of fixed assets or not?
2. whether it is given to employees or other persons
3. whether it is retained in business
Elaborate ur gift article expense.
Mode of Exp. incurred?
CAclubindia
