Menu
Accounts
balance sheet for fy 2012-13 contains prior period adjustments, what is the treatment for the above prior period adjustment while preparing balance sheet for fy 2013-14.
Replies (1)
Do the requisite adjustments by making a temporary ledger account say Prior period adjustment a/c.
For expenses or losses,
Dr PPA a/c
Cr particular a/c
For income it gains,
Dr particular a/c
Cr PPA a/c
Balance in PPA a/c - transfer to Profit and loss statement for f.y. 2013-14 .
Regards
Raj C Doshi
Recent Threads
- Can I set off equity losses(both short term loss a
- Input tax credit on rent to rent
- Family Pension Army
- Waste Management services
- Seeking Clarity: New Transport Allowance Limits (D
- Query regarding Consolidated Gift Deed for Bank Tr
- TDS u/s194IB - Joint Ownership
- Free GST Reconciliation Tool in Google Sheets R
- NRI return after due date refund case
- TDS u/s 194J - training honorarium
Related Threads
CAclubindia
