banner_ad

Prior period treatment

This query is : Resolved 
Profile Image

Guest

Profile Image

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.
Profile Image

Abrar

Profile Image

Abrar (Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details