Previous Year Expendature

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ashok (Querist)
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17 October 2009 Hi All

Happy Diwali to all

We have paid last year rent amount in this financial year but actually we forgot to take provision in books - now how I can show this expenditure in this financial year.

Taranjit Singh

Taranjit Singh (Expert)
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17 October 2009 Prior period items are normally included in the determination of net
profit or loss for the current period. An alternative approach is to show such
items in the statement of profit and loss after determination of current net
profit or loss. In either case, the objective is to indicate the effect of such
items on the current profit or loss.

ashok

ashok (Querist)
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17 October 2009 Thank You Taranjit Singh JI

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