Prior period items
This query is : Resolved
24 January 2013
Can I record expenditure of traveling exp., transport exp. etc. incurred during March 2012 in June 2012 if I have paid for those exp. in June 2012?
24 January 2013
Yes you can. In March you can enter the entry as:
Exp a/c Dr.
To Outstanding Liability
In June:
Outstanding Liab Dr
To Cash / bank
Exp a/c Dr.
To Outstanding Liability
In June:
Outstanding Liab Dr
To Cash / bank
24 January 2013
But the problem is I have not provided for those exp.in March and in June I found the bill and paid the same. Then what will be the remedy?
25 January 2013
If the amount is not substantial let it go because these things are a little complicated.
Message likes :
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25 January 2013
Ok Sir. Thank you so much.
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