Short provision
This query is : Resolved
04 December 2011
while finalizing the accounts as on 31st March 2011 i have made short provision for audit fees , and filing fees now i have received the bill more than provision what should i do? please help me out .please guide me
CA Kishore Tallam
(Expert)
20 December 2011
Dear Mugdha,
If the amount is not material, then book the same as current year expense and pay the amount. This will bot be termed as Prior Period Expense. If it is a material amount, then the same would be rendered as a prior period expense.
If the amount is not material, then book the same as current year expense and pay the amount. This will bot be termed as Prior Period Expense. If it is a material amount, then the same would be rendered as a prior period expense.
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