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
- Post Office RD Interest
- Building and other construction workers welfare cess act 1996
- Eway bill for machinery reparing
- Applicable TDS for Purchase of Flat from NRI
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- ITR validation error - Balance sheet is not filled
- Form 10BD Filling
- TDS ON CASH WITHDRAWALS...
- Annual return of gst limit
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
