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Liabilities arised from privoius year

VAT (Legacy) 443 views 1 replies

Hello to All,

Kindly explain the journal entry of tax+interest by the parties or  department demad which related from last year but it was not i due last year, it is a type of expense but we in P&L a/c we take only related year expense & incomes.

Pls explain this type of expense.

Replies (1)
we also count previous year expenses arises in current year. Inetrest ,........Dr. Tax-----------Dr. to P& L A/c


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