Refundable Deposit received

Co Op Housing society received some amount of Deposit ( refundable) , but do not know from whom , so they kept it Suspense A/c , my query is Can they show as Suspense Deposit ( Liability) in Audited balance sheet , without clearing Suspence A/c .

Thanks in Advance.
Replies (9)
Quick Summary
A Co-op Housing Society has received a refundable deposit but doesn't know the source, placing it in a suspense account. The discussion questions whether this suspense deposit can be shown as a liability on the audited balance sheet without clearing the suspense account first. The consensus is that suspense accounts must be cleared for final accounts and filings, and efforts should be made to identify the deposit's origin.

Suspense must be cleared for filings. 

 

Yes I agreed...

No possibilities to finalize the account with suspense balance.
Better to try and collect details...
OK possible.
Originally posted by : sabyasachi mukherjee
OK possible.

Bro,

 

Please explain how its possible...

We can learn from You...

IF YOU DO NOT GET TGE DETAILS. WHAT IS THE NEXT COURSE OF ACTION?
FIRST UNDERSTAND THEN REPLY.
Originally posted by : sabyasachi mukherjee
IF YOU DO NOT GET TGE DETAILS. WHAT IS THE NEXT COURSE OF ACTION?FIRST UNDERSTAND THEN REPLY.

First you understand the query Mr.

After that give reply if You know the action.

Otherwise just shutdown...

 

Are You aware the finalize of accounts...??

Are You know suspense account not shown in IT...??

 

moodittu poyidu avlo thaan solven...

What is TGE is it a tax provision? 

Originally posted by : Yasaswi Gomes new
What is TGE is it a tax provision? 

Bro, I think that (THE).

written mistake...

It's better not to keep suspense but sometimes you cannot avoid.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register