hi
wht is d accounting treatment of unclaimed exp./liabilities ?
and after how much time/days it shud b reversed/done/treated in books?
thanks in advance!
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Unclaimed liab!
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Dear
Any dues to be paid & provided in the books amy be treated as unclaimed liability. For exmaple a retnetion money has tobe paid on completion of a contract after a certain period say 3-5 years. But the party at the end has nat claimed/paid ever after the stupilated period it has tobe treated as income (other income/misc. income) This is the normal procedure.
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