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prior period items??

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(Querist)
24 January 2011 what is basis taking an expense as prior period items.... either
(a) exp after 31 march
or any other ???
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Sunil Kr. Sanganeria

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Sunil Kr. Sanganeria (Expert)
25 January 2011 Prior perid item means expenses debited to profit & loss account which pertains to last Year. If a person inadvertantly forget to debit in the account the expenses of that year and debit that expenses in the next year , it is called prior perid item.
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Vishal Sharma

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Vishal Sharma (Expert)
27 January 2011 If due to any error or omission if a person forget to account any expenses (which pertains to P.Y) in the previous year and accounts the same in current year such expenses are called prior period items & separate disclosure is required for such items in the Financial Statements
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