I have shown my MAT credit which can be availed in the future years as SHORT TERM LOANS & ADVANCES in Balance Sheet. Now at a latter date if i need to change that amount as wrong amount was previously shown as MAT credit. So when i have changed the figure of Loans & Advances then where would i need to make the corresponding entry for the purpose of tallying the Balance Sheet.
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Mat credit
Replies (2)
U r grouping mat credit under loans and advances but entry at the time of mat credit is MAT cr a/c debit
To. Profit n loss account
so at the time of correction give appropriate effect to PL account.
To. Profit n loss account
so at the time of correction give appropriate effect to PL account.
PL appropriation account.
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