Transactions unrecorded in books but surrendered as income in tax assessments are shown as
AContingent gains
BExceptional items
CUndisclosed income
DPrior period items
Answer & Solution
Correct answer: C. Undisclosed income
The Schedule has a requirement headed undisclosed income for unrecorded transactions surrendered in tax assessments.
Keep practising Schedule III Division I Financial Statements
Browse all Schedule III Division I Financial Statements questions for CA Inter, or explore more Accounting topics.
Related questions
Subsidiaries not consolidated must be listed along withExport earnings in foreign exchange are disclosed on which basis?Imports must be disclosed on which valuation basis?A trading company discloses, under broad heads, itsA manufacturing company reports raw materials underDisclosure of CSR expenditure applies to companies covered underA separate item threshold is 1% of revenue or Rs 1,00,000, whichever is higher. For Rs 5 cEmployee benefits expense shows salaries, provident fund contributions, ESOP and