Previous year expenses booked in the current year
This query is : Resolved
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?
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?
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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