Regarding Deposite

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accountant
564 Points Posted on 28 March 2020
Delar deposite payment at the time get agency gas (Indian oil).
deposit date is 02-10-2017 and now this deposite is non refundable so this deposite is transfer to expense account or capital account
please suggest me.
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On 28 March 2020 at 09:00 Report
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This discussion concerns a non-refundable deposit of £360,000 paid for an Indian Oil agency. The deposit was made on 02-10-2017 and is no longer refundable, even if the agency closes. The consensus is that since Indian Oil has declared the deposit non-refundable, it should be treated as an expense and booked under the Profit & Loss account.

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"Do the Right Thing...!!!"
128157 Points Posted on 28 March 2020
Non refundable means...?
what about the amount...?
Is it tallied with purchase of LPG or other way...?
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On 28 March 2020 at 09:18
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accountant
564 Points Posted on 28 March 2020
AMOUNT IS 360000 AND this is a one lot 242 boteel DEPOSTE non refundable.
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On 28 March 2020 at 09:42
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"Do the Right Thing...!!!"
128157 Points Posted on 28 March 2020
Okay Bro...

Non-refundable... right.
But,
What about the amount refund position or tally with supply of gas....?
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On 28 March 2020 at 09:50
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accountant
564 Points Posted on 28 March 2020
Amount is not refund this is block even agency is closed and turn over is 2cr.
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On 28 March 2020 at 09:52
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"Do the Right Thing...!!!"
128157 Points Posted on 28 March 2020
Here IOC is declared for it's Non-refundable...?

or

Agency will not ask the refund...?!
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On 28 March 2020 at 10:02
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accountant
564 Points Posted on 28 March 2020
Ioc declared it's non refundable sir
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On 28 March 2020 at 10:17
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"Do the Right Thing...!!!"
128157 Points Posted on 28 March 2020
Ohhh okay okay...

If IOC declared it's Non-refundable then You can book it under PandL account...
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On 28 March 2020 at 10:50
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accountant
564 Points Posted on 28 March 2020
Thank u very much sir thank u
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On 28 March 2020 at 10:51
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"Do the Right Thing...!!!"
128157 Points Posted on 28 March 2020
Welcome Dear...
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On 28 March 2020 at 10:57
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Consultant
1891 Points Posted on 28 March 2020

The amount of deposit shall be treated as an expense because it is non refundable in nature. 

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On 28 March 2020 at 12:26
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"Do the Right Thing...!!!"
128157 Points Posted on 28 March 2020
Query already solved with thanks from Querist...
If answers are wrong or any different views with extra points then short out the issues...

If answers is correct then better to leave it after Querist satisfied...
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On 28 March 2020 at 12:30

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