There are some expenses which relates to last financial year but calculated and paid in July like Leave Wages. What should be done of them in the Balance Sheet of Last Financial Year.
and also electricity, salary, telephone bills paid in april
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Expenses treatment
Replies (4)
electricity, salary, telephone bills paid in april
- These will be accountable in last year* PandL as Payable...
Leave Wages...
- give some more details...
- These will be accountable in last year* PandL as Payable...
Leave Wages...
- give some more details...
you need to create a provision for all the expenses related to March but paid in April and book the expenses in previous fy.
Workers are given 1 paid leave per month and summed up unavailed leaves for whole financial year and that is done in July. So what should be the treatment
And if the payable provisions were not created in last year
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