Previous year expenses booked in the current year

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Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2014 Can i book Previous Year expenses in current year?

For the F.Y 2013-14 finalization also done. In Dec'2014 i found that some expenses not booked in Previous year. For that expenses there is no provision was created.

How can i book those expenses in F.Y 2014-15?
What are the Journal entries are required to pass for this?
What is the Tax Treatment for this?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 December 2014 If the expenses are material book it under prior period items else book it under current year. If you prove it a genuine expense it will be allowed for tax.

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