one of our client didnt make any provisions on march 13 in respect of elctricity.that means 31/03/2013 expenditure is taken in current year as on 01/04/2013.from current year(01/04/2013--31/3/2014) can we make provision by taking 13 months into consideration for current year.
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No provision made
Replies (2)
Yes You can make provision for electricity expenses for March 2014 paid in April14 But disallow the expenses of March 2013 paid in Apr 2013 as prior period. That way only expenses of 12 months are claimed correctly.
well if the provision is not made then it has to be shown as prior period expense. and hence disallowed.
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