Please Help: Financial statement
Posted Date : 27-Jun-2012 , 10:02:29 pm | Posted By Vikash Kumar Jha
Mr. Das sued Mr. Ojha for supplying defective matrials which has been written off as valueless. The directors are confined tha Mr. Ojha will agreed for settelement of Rs 50000 . How will it repot in financial statement?
Category : Accounts | Answers : 1 | Comments : 1 | Hits : 186
Answers
Answer By: Rishabh Upadhyay
Same will be treated as income in the financial statements and taxable under section 41 (1) of income tax act.
Comments
Vikash Kumar Jha
10-May-2013 , 09:20:40 pmThanx sirji