Prior period expense

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prasad Nilugal (Querist)
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02 May 2014 Sir

I want to ask , if any accounting entry either expense or income of last year was left out after audited Balance sheet , How to accommodate same in current year?.

If it is prior period expense in current year , How to show it , please give an example.

Thanks in advance .

Vishnu Saboo

Vishnu Saboo (Expert)
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13 May 2014 it must be booked in prior period expenses or prior period income as the case may be

prasad Nilugal

prasad Nilugal (Querist)
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13 May 2014 Thanks Sir , But where to show such type of expense or income ? in P&L or Balance sheet , and under what account head ?.

Vishnu Saboo

Vishnu Saboo (Expert)
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15 May 2014 ofcourse in P&L under prior period income/expenses head

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prasad Nilugal

prasad Nilugal (Querist)
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15 May 2014
Thanks ones again .

Vishnu Saboo

Vishnu Saboo (Expert)
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19 May 2014 my pleasure to help you...

prasad Nilugal

prasad Nilugal (Querist)
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19 May 2014
Sir

One more thing , I want ask about date , what date will be applicable for such type of exp or income ? , because date on invoice will be of last year and we are posting in the current year.

Vishnu Saboo

Vishnu Saboo (Expert)
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19 May 2014 Date shall be on which you are booking income or expense... though you have to put invoice date which is actual.

prasad Nilugal

prasad Nilugal (Querist)
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19 May 2014
OK ,Sir Thanks .

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