Pre deposit amount to be shown in balance sheet

Customs dept asks us to produce evidence Balance sheet showing " pre deposit amount for appeal refundable from Customs Dept on final disposal under sec 129". However our audited accounts missed out this. What AS states and how to address this NO SHOW in Asset side of balance sheet. Kindly guide.

Replies (2)
Quick Summary
The Customs department has requested evidence of a pre-deposit amount for an appeal, which should be reflected on the balance sheet as refundable. However, this amount was omitted from the audited accounts. The user is seeking guidance on how to rectify this error and present the necessary evidence, specifically concerning its treatment as a contingent liability on the asset side of the balance sheet.

rectification of errors. no need for statutory guidance, straight away, rectify and produce evidence.

It's a contingent liability

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