Prior period

This query is : Resolved

D C Sivastava (Querist)
Follow

14 March 2008 due to frequent modification of tarrif by the statutory body i.e. central electricity regulatory commision,the current bills being raised by the different generating units include the energy charges for the previous years also.it is to mention that estimated or actual liability can not be determined at end of the purchaser on the basis of tariff order. whether the energy charges for the previous years included in current bills shall be accounted for as prior period expenses or current year expenses.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

15 March 2008 It will not be correct not to provide for recurring expenditure at least on a reasonable estimate basis. Therefore, provision is required on an average rate basis atleast, for the power consumed. Excess or short fall if not material need not be shown as prior period items, in such a case.

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
Follow

15 March 2008 MAKE PROVISION FOR POWER CONSUMED

D C Sivastava

D C Sivastava (Querist)
Follow

15 March 2008 if provision is not made in05-06 then it will be charge as prior period expenses in06-07.pl. clarify

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SUMAN SAHA

CA Rahul Patwardhan

T E SOUNDARARAJAN

Hanuma Yanduri

CA Bijo scaria

Subscribe Now

Prior period

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

GST CONSULTANCY

Article Assistant

CA Final

Accountant

GST CONSULTANT