custom Duty payment
satish (student) (26 Points)
19 April 2018The company paid a custom duty of Rs.50 lacs and this duty is related to import of FY 2018-19.
They expense out the total payment of custom duty in the FY 2017-18.
as per my opinion the treatment is wrong bcoz the payment of duty must me treated as advance payment.
The treatment is correct or not given by management??