Prior period item

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Pratheej (Querist)
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30 October 2008 in the previous year's audit of a company

1.A liability was treated as expense and i want to show the same as a liability this year.
2.An asset was omitted altogether and this year the same has been sold.How to bring the asset into the books.

Journal entries with explanation would help.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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30 October 2008 Please state the items exactly.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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30 October 2008 Pls state clearly, when you forgot to show the assets in books, where was the second effect taken for that ommission, (Whether in cash, bank or creditors). Only then, corrective measures can be taken, during the year.

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