In case of a company there was a audit fees payable of Rs. 3000 For financial Year 2014-15 which was shown under current liabilities in FY 2014-15. No payment was made in FY 2015-16. But paid in FY 2016-17. For Financial year 2015-16, is it current liability or Non Current liability. Same is the case for Housekeeping expenses.
Pl Guide.
it must be shown under current liability as it has been paid in near future. i.e next one year.
according to definition as per revised schedule VI i.e Due to be settled within period of twelve month from the Reporting date.
reporting date?
31-03-2015 or 31-03-2016 or BS date
CCI
Pro
CAclubindia
