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Editorial Board on Accounts and Audit
  • FINANCIAL CREDIT NOTE AGAINST SALE BILL RAISED

    by CHANDRA on Thursday, April 18, 2019 at 02:00 PM

    Sir, We are involved in Construction Company and we have raised a escalation Bill of Rs.29L in the period March'2018 (FIN Year 2017-18) and client has found that some excess value charged in the calculation and has passed only Rs.17L and accordingly payment were release to us in the month of Dec'2018 (FIN Year 2018-19).Kindly confirm that can we raise Financial credit note for the difference amount or is there any other process or any implication for differences amount in the IND AS

    Replied byEditorial Board Wednesday, May 01, 2019 at 01:08 PM

    Dear Sir,

    Presuming there was no error in calculation of Rs. 29 lacs, the difference of Rs 12 lacs (Rs. 29 lacs – Rs. 17 lacs) shall be treated as change in accounting estimate as per Ind AS 8 and therefore should be recognised as expense in the statement of profit and loss with a corresponding effect on Debtors or Provision for bad and doubtful debts.

    However, if there was a factual error in calculation of Rs. 29 lacs then difference of Rs. 12 lacs shall be treated as accounting error in accordance with Ind AS 8.

 
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