Effect of prior period item
This query is : Resolved
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??
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??
16 April 2008
Yes,
Entry should be passed for it.
Entry should be passed for it.
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
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
(Expert)
16 April 2008
I agreed with mr. R.V.Rao
19 April 2008
MR RAO IS CORRECT
CA. GOPAL SONIKA
(Expert)
20 April 2008
yes
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.
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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