Accounting treatment of bill relating to earlier period
This query is : Resolved
17 May 2011
Dear All,
When an bill relating to earlier period comes for accounting, then what will be the accounting treatment? how to disclose it in the financials???
When an bill relating to earlier period comes for accounting, then what will be the accounting treatment? how to disclose it in the financials???
Kumar Babu.G
(Expert)
17 May 2011
It has to be disclosed as prior period item in financials as per AS4.
U S Sharma
(Expert)
17 May 2011
book the expense on payment basis.
08 June 2011
read AS 4 and it will be prior period
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