whether prior period exp or not ???
This query is : Resolved
CA Abhishek Singh
(Querist)
06 October 2010
suppose on 31st march10 there are some exepeses pertaining to current year. but we donot know the exact amount & therefore expenses not booked.
in the month of april bill was received for Rs.5000 for period(09-10).
As per AS-4, prior period items are those items which arise in the current year due to error/ommission in the previous year.
Is the expense of Rs.5000 a prior period expenses??
in the month of april bill was received for Rs.5000 for period(09-10).
As per AS-4, prior period items are those items which arise in the current year due to error/ommission in the previous year.
Is the expense of Rs.5000 a prior period expenses??
CA Navin Jain
(Expert)
06 October 2010
yes exp is prior period
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