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?
CA Priyank Singhi
(Expert)
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?
CA Priyank Singhi
(Expert)
25 January 2013
If the amount is not substantial let it go because these things are a little complicated.
Message likes :
1 times
25 January 2013
Ok Sir. Thank you so much.
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