Prior period items
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 November 2011
want to know detail explanation of prior period items and its accounting entry
03 November 2011
Prior Period item is nothing but any transaction pertaining to previous accounting period for which accounting is being done in the current accounting period.For accounting these items AS4 has to be complied with.
14 May 2012
As per AS 5, Prior period items are income or expenses which arise in the current period as a result of errors or omissions in the preparation of the financial
statements of one or more prior periods.
For example, expense not booked or income not booked.
Entry will be:
Prior Period Expense A/c Dr
To Creditor A/c
Debtor A/c Dr
To Prior Period Income
statements of one or more prior periods.
For example, expense not booked or income not booked.
Entry will be:
Prior Period Expense A/c Dr
To Creditor A/c
Debtor A/c Dr
To Prior Period Income
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITDS U/S.194T of Firm
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
