Reversal entry
This query is : Resolved
12 October 2012
Whenever a reversal entry needs to be made, it should be made from current date irrelevant of date of occurence of transaction. Am I right ? What are the circumstances in which reversal entries need to be made
CA. Rajesh P. Ahir
(Expert)
13 October 2012
Dear Sam,
As my understanding of your Reversal Entry you want to say Prior Period Items i.e. error or omission of prior period notices in current period.
Than
As per AS-5 you need to recognize the correct entry in the current period.
As my understanding of your Reversal Entry you want to say Prior Period Items i.e. error or omission of prior period notices in current period.
Than
As per AS-5 you need to recognize the correct entry in the current period.
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