Dear sir
Our company has purchased motorized gate in 2007 from outside of India A company.
That time we didn't put this data in Tally by mistake.
Therefore, this data is not shown in our balance sheet.
But right now, we have to pay this amount to A company.
For this not shown amount, how can we pay to A company without problem?
Company Debates Payment for Unrecorded 2007 Motorized Gate; Options Include Capitalization or Refusal Due to Delay A company is seeking advice on how to pay for a motorized gate purchased in 2007 from an international supplier, which was mistakenly not recorded in their accounting software, Tally, and thus not reflected in their balance sheet. One respondent suggests capitalizing the expense now and explaining the delay as due to a past shortage of funds, emphasizing that no interest is involved. Another respondent questions the necessity of making the payment after such a long time, implying that the company could refuse to pay the outstanding amount. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
