WHAT IS THE SOLUTION FOR EXPENSES WHICH IS NOT TAKE INTO CONSIDERTION FOR CURRENT YEAR BUT IT IS CURRENT YEAR`S EXPENCES ONLY
AND PAYMENT OF SUCH EXPENSES WILL PAID IN THE NEXT YEAR
HOW TO TREATE THIS KIND OF EXPENCE
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TREAMENT FOR EXPESNCE
Replies (3)
Will you plz. be able to explain your question in brief? it will help in understanding the question better.
Boss, if the expenses are accruing this year, the payment is not the criteria for accounting the same in this year. It has to be accounted in this year itself.
Case I : If it is before the finalisation of Accounts for Current Year then the entry for outstanding should be made.
Case II: If Current Year account have already been finalised then it should be treated Prior Period Item as per A.S-5 , in the account of next year.
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