Answer / dharmendra.ch(mancherial)

certain expenses/losess which are related to current
accounting period but the amount not shown, becaz they not
inccured in the current year. to get true profit the
company makes provisions

Answer / h.r. sreepada bhagi

In respect of some expenses for a financial period, bills
would not have come, actual calculations could not be done
(For some reason), payments not made and for any reason any
expense can not be accounted during that period, provision
needs to be created at the end of that financial period with
reasonable amount to prepare the Profit & Loss A/c for that
period as correct (Not accurate) as possible & show
relatively correct position in the period-end Balance Sheet.
It's according to accrual concept & matching (Revenue &
Cost) concept.

Answer / giridhar

1. complying with accrual concept;
2. To arrive Cost of goods sold accurately.

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1 Answers   ABC,

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1 Answers   Jiva,

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Income Tax Department sends cheque for INR 2 Crore as Refund after completion of Assessment for A.Y.2011 - 2012 to a Company. As per IT Return filed for this year I.T. due to Government was INR 60 Lac but was assessed at INR 70 Lac. TDS due to Company was INR 3 Crore which was admitted as INR 2.7 Crore by Government. Government also adjusts Tax dues for A.Y. 2009 - 2010 of INR 40 Lac which was disputed earlier by the Company and Appeal was lying with the CIT. Government pays Interest to the Company amounting to INR 40 Lac. Provision for Income Tax made by the Company in its accounts for F.Y. 2010 - 2011 (A.Y. 2011 - 2012) was INR 50 Lac. What would be the Journal Entry at the time of receipt of Refund of INR 2 Crore from the Government in A.Y. 2014 - 2015 in the books of the Company?

0 Answers  

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2 Answers  

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0 Answers   Wipro,

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1 Answers   Genpact,

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can company can follow single entry system

5 Answers   SSI Small Scale Industries, Triveni,

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0 Answers   Jindal,

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analyses of Cost control

0 Answers  

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2 Answers   Infotech,

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what is the difference between holding company and parent company

4 Answers   Capital IQ, WNS,

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when is the last date for filling of tds 4 th quarter

4 Answers  

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