Pre deposit amount for appeal to Customs was wrongly charged to P & L account. As we win appeal, will get back thus amount. Can we reverse ii to Balance sheet as asses- recoverable from customs. Please advise
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Reversal of cost to Balance Sheet
Replies (21)
Yes... If You are wrongly account then You can reverse such amount...
(But, No clear view of your query when it's happened)
(But, No clear view of your query when it's happened)
We had deposited in 2018 to press for appeal under Customs Act and got favourable judgement in 2023. By mistake, we had taken it to cost . Customs Dept asks auditor certificate about BALANCE SHEET SHOWING AMT RECOVERABLE FROM CUSTOMS
We get stuck . How to meet this criteria?
Now only You asked clearly with details...
The amount not shown in balance sheet around five years.
It's can't be simple...
Better to discuss with Your Auditor...
The amount not shown in balance sheet around five years.
It's can't be simple...
Better to discuss with Your Auditor...
Can be done sir. not an issue. auditor guidance required.
Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai
Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai
Sir
Would you please guide about applicable AS and CA Institute guideline or case laws. Auditors are reluctant. We need to take them on board. Else to forfeit Rs.6 Lakhs for a mistake
Pass entry for
DR provision for customs refund receivable ( current assets )
CR custom duty refund ( other income )
And take CA certificate
DR provision for customs refund receivable ( current assets )
CR custom duty refund ( other income )
Sir
Can we pass 2 entries
1. General Reserve Dr
To
Pre deposit for filing appeal under Customs act [prior period income]
2. Refund Receivables from customs dept Dr
To
Pre deposit for filing appeal under Customs act [prior period income]
Why two entries...??
Please reply for this one...
Where is actual located in this amount at the time of booking...??
ADDENDUM
Sir
Can we pass 2 entries
1. Provision for predeposit receivable Dr
To
Pre deposit for filing appeal under Customs act [prior period income]
2. Refund Receivables from customs dept Dr
To
General Reserve
But getting no clarity. Kindly guide
Bro,
I will definitely clear Your query.
But,
I want clarity about the entry at the time of appeal amount booked entry.
It mean I want wrongly charged entry details...
Sir
Wrongly charged to P & L from bank book in 2020.
Regularisation in 2024
Pl guide vis a vis AS. PRIOR PERIOD ADJ AND TAX AUDIT
Directly charged to P & L from Bank book
| Originally posted by : Jayanta Bandyopadhyay | ||
 |
Sir Wrongly charged to P & L from bank book in 2020. Regularisation in 2024 Pl guide vis a vis AS. PRIOR PERIOD ADJ AND TAX AUDIT |
 |
Bro,
Please give that wrong entry posted in 2020.
Please give the actual voucher entry here
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