Please Help: Accounts
Posted Date : 15-Jul-2013 , 04:05:11 pm | Posted By Nisha
How do we disclose in Schedule-VI Financial Statement,the expenses which are deferred to the next f/y as per AS-7.
Category : Accounts | Answers : 1 | Comments : 2 | Hits : 162
Answers
Answer By: Vaneet Gupta
Deferred expense will be reduced from the respective heads in P&L account. In Balance sheet, Creditors will be netted off with the amount
Comments
CA Madan Gopal
17-Jul-2013 , 11:34:04 amDeferred Expenses should be shown under Reserves & Surplus as Negative Item alternatively it can be shown as other current or non current assets as the case may be. Regards CA Madan Gopal Mob: 8510053435
Vaneet Gupta
26-Aug-2013 , 11:00:37 amDeferred expenses will be reduced from the respective heads in P & L. In Balance sheet this will be adjusted with Creditors.