Prior period item
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2014
Sir,
An institution failed to record TDS which was deducted from its income for the previous Year.So this was not reflected in the financial statements for the previous year. However on filing IT return for the previous year,the amount of TDS was reflected in form 26 AS.How can this be recorded in the financial statements for the current year? Journal Entries required.
An institution failed to record TDS which was deducted from its income for the previous Year.So this was not reflected in the financial statements for the previous year. However on filing IT return for the previous year,the amount of TDS was reflected in form 26 AS.How can this be recorded in the financial statements for the current year? Journal Entries required.
28 February 2014
Prior period items Dr
to Party A/c
to Party A/c
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