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a invest in mutual fund 25000/- for financial year 2008-09

and get full amount in financial year 2009-10 Rs 35000/-

 

question is a has not show the investment in the year 2008-09 in books 

but show amount he gets in the financial year 2009-10

 

question is in this case hw to recoard the amount he gets in the financial year 2009-10

and book the profit since a did not show the investment in the books of accounts

hw to pass entry for this

 

 

 

 


 

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On 26 March 2011 at 20:37 Report
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Tax Consultant
76 Points Joined July 2009

cash ac      dr 

  to indirect income/ other income a/c

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On 26 April 2011 at 05:20
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Faculty in a B-School
633 Points Joined November 2009

I think the better option would be to reopen the books of 2008-9 and make entry for investment and books the profit in the present year.  Because if you don't do it, then may be you will have to pay tax on the total sum.

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On 26 April 2011 at 14:08


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