Prior period items

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Querist : Anonymous

Querist : Anonymous (Querist)

03 November 2011 want to know detail explanation of prior period items and its accounting entry

Kumar Babu.G

Kumar Babu.G (Expert)
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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.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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

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