A college owns a hostel which it depreciates in its own books.Rent received from the hostel is not recorded in the college books of accounts but other books of account.My query is should routine repair expenses be debited to the other books of accounts where the income is recorded as per Matching concept?Or should it be debited in the college books?
Menu
Matching concept
Replies (2)
If the college showing the hostel premises as a asset in its records, both income & expenditure on the said premises should be in the same set books of a/cs only. not in other set of books of accounts.
MATCHING CONCEPT SHOULD BE FOLLOW. NO DIFFERENT SET OF BOOKS OF ACCOUNT WILL BE MADE IN ABOVE CASES.
Recent Topic
- Forward tax charge gst related
- SBI direct mutual funds ITR
- 44AE Section
- FEMA compliant structure
- Tax obligation in AY 2026-27
- EFILING ITR2 FROM COMMON FILING UTILITY
- SBI gold bond interest
- PPF Interest Exempt - But what drop down to choose
- Itr2 or itr3 intraday trade 1 loss of 70 paise
- Calculation of IT
Related Topics
CAclubindia
