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balance sheet for fy 2012-13 contains prior period adjustments, what is the treatment for the above prior period adjustment while preparing balance sheet for fy 2013-14.
Replies (1)
Do the requisite adjustments by making a temporary ledger account say Prior period adjustment a/c.
For expenses or losses,
Dr PPA a/c
Cr particular a/c
For income it gains,
Dr particular a/c
Cr PPA a/c
Balance in PPA a/c - transfer to Profit and loss statement for f.y. 2013-14 .
Regards
Raj C Doshi
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