Entry in our books of account
This query is : Resolved
27 February 2012
can we do entry in our books of accopunt today, if a bill of freight related to previous year which is not entered earlier in our books of account
SOURAV GOEL
(Expert)
27 February 2012
In terms of AS- 5
Net Profit or Loss for the Period,
Prior Period Items and
Changes in Accounting Policies
Prior period items are income or expenses which arise in the current
period as a result of errors or omissions in the preparation of the
financial statements of one or more prior periods
So the Freight of Bill is a prior period item and hence can accordingly be reflected in current year Accounts.
Net Profit or Loss for the Period,
Prior Period Items and
Changes in Accounting Policies
Prior period items are income or expenses which arise in the current
period as a result of errors or omissions in the preparation of the
financial statements of one or more prior periods
So the Freight of Bill is a prior period item and hence can accordingly be reflected in current year Accounts.
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