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Prepaid exp
Rs.10 lacs licence fee paid to pollution control boar d for the year 2014_15 booked as expense in 2013_14(current year). similarly same amount of the expense for 2013_14 was booked in 2012_13 and so on. how to rectify this issue
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Compute year wise expenses to be recognised and actual amount recognised in every year and correspondingly book the defit amount in current year if any, if not then reverse entry for excess amount booked.
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