Please Help: Financial statement
Posted Date : 27-Jun-2012 , 10:02:29 pm | Posted By: Vikash Kumar Jha
Category :
Accounts | Answers :
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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? |
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Answers:
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 Answer by: Rishabh Upadhyay |
| Same will be treated as income in the financial statements and taxable under section 41 (1) of income tax act.
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