Effect of prior period item

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Rachana (Querist)
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16 April 2008 should we give effect of PRIOR PERIOD ITEM in current year B/s?

Eg. Expenses of Rs.20000 was recorded by Rs.10000 in previous year, now in the current year should we pass the entry for remaining 10000??

CA. Dashrath Maheshwari

CA. Dashrath Maheshwari (Expert)
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16 April 2008 Yes,
Entry should be passed for it.

Rachana

Rachana (Querist)
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16 April 2008 thank you sir

R.V.RAO

R.V.RAO (Expert)
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16 April 2008 THE BALANCE OF RS. 10000/ YOU MAY BOOK AS PRIOR PERIOD EXP.BUT PRIOR PERIOD EXP. WILL BE DISALLOWED BY THE ASSESSING OFFICER.
WHAT USUALLY ASSESSEES DO TO AVOID DISALLOWANCE IS TAKE A CURRENT YEAR BILL FOR THE DIFF. AMOUNT AND BOOK AS EXP .THIS WILL NOT BE DISALLOWED.
R.V.RAO

Sanjeev Kumar Sharma

Sanjeev Kumar Sharma (Expert)
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16 April 2008 I agreed with mr. R.V.Rao

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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19 April 2008 MR RAO IS CORRECT

CA. GOPAL SONIKA

CA. GOPAL SONIKA (Expert)
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20 April 2008 yes

CA. Dashrath Maheshwari

CA. Dashrath Maheshwari (Expert)
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21 April 2008 Mr. CA Saurabh Maheshwari
do you your own answer ?
just check your replies in other queries also?
Mr. Rao have a much experience and we can't judge them.
He is a mysterious person and have vast knowledge therefore please avoid these type of postings to get the more points only???
Sorry , if it hurts you but its trueness only.

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