Company A Provided some services to Govt Department in the year 2009-10 and the payment was released by the department in the same year. In the year 2011-12, govt department has made recovery on a/c of excess payment as per Audit of their accounts. Now the question is that in the year 2011-12 for Company it is an expense of Prior period items or not. Please discuss.
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Prior period item - please discuss
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Please guide whether the following is a prior period item or not ??
A secured vehicle loan was omitted by mistake in the financial statements of the trust for the year 2010-11, 2011-12.
If its a prior period item, what can be the correction?
Please reply asap.
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