Sir while vouching transporting charges inward where should it be presented in the p &l account. In your book it is written as "other expenses" and reference of schedule 3 is given but I could not find anything written about it in schedule 3. So can you please tell me where it actually should be shown and the proper reference given in the law.

1 answer

Ravi Staff August 23, 2018

Please use technique given in lecture to frame and retain points of V&V but ensure all points as given in PM / RTP / MTP are covered. 
Further transportation charges doesnt fit in any other heading so it will be shown in other expenses. If it is higher than 1% of Total Revenue or 1,00,000 whichever is higher then it should be shown separately under heading other expenses as amount is substantial. So it generally goes in other expenses.
if amount is significant and prime expenses of entity then, it can be given separate main heading  on expense side of p&l. 
no need to do research on this point, focus on other points.

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