prior period expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 August 2010
Dear sir
We have booked one professional service bill Dt.06/04/2009 and received on 24/04/2009 in the year 2009-10.This bill mention the consultantcy service period 15.03.2009 to 31.03.2009.We have not provided any liability as on 31.03.2009 but bill booked on 24/04/2009 deductedtthe TDS and deposited to Govt with in time. Tell me is that prior period expenses.
We have booked one professional service bill Dt.06/04/2009 and received on 24/04/2009 in the year 2009-10.This bill mention the consultantcy service period 15.03.2009 to 31.03.2009.We have not provided any liability as on 31.03.2009 but bill booked on 24/04/2009 deductedtthe TDS and deposited to Govt with in time. Tell me is that prior period expenses.
21 August 2010
The bill date of current year 2009 - 10 only so book in this F. Y. only and so TDS deducted and deposited in time.
Also Normal under / over accruals are not considered as prior year period. Further, in accordance with the method of accounting followed, any item which although it relates to an earlier year, materialized or crystallized during the year or arose out of an event during the year, has been considered as expenditure/ income of the year.
You can write this note in the notes.
Also Normal under / over accruals are not considered as prior year period. Further, in accordance with the method of accounting followed, any item which although it relates to an earlier year, materialized or crystallized during the year or arose out of an event during the year, has been considered as expenditure/ income of the year.
You can write this note in the notes.
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