Prior period treatment
This query is : Resolved
Guest
Guest
(Querist)
11 August 2011
In previous year Audit report one asset is shown as Fixed Asset but it's nature is current.How will treat in current year audir report.
12 August 2011
Accounting Entries in C.Y.
1. Exp A/c Dr (Gross block)
To Asset A/c
2. Provn for Dep Dr (Dep amount of P.Y)
To Sundry bal w/ back
3. The Net block value (ie 1-2) should be disclosed as prior period expenses below B/f balance of P&L & above Appropriations
The above adjustment may suitably disclsed in Notes to A/cs. No reoprting in Audit report necessary on this issue.
1. Exp A/c Dr (Gross block)
To Asset A/c
2. Provn for Dep Dr (Dep amount of P.Y)
To Sundry bal w/ back
3. The Net block value (ie 1-2) should be disclosed as prior period expenses below B/f balance of P&L & above Appropriations
The above adjustment may suitably disclsed in Notes to A/cs. No reoprting in Audit report necessary on this issue.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Value of property in capital gain
- Annual return in Gst
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
