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.
Menu
Prior period item - please discuss
Replies (1)
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.
Recent Topics :
- TDS applicability of foreign remittance to Oracle
- GSTR 9 LATE FEE
- Best Online Mock Test Series for CA Inter January
- COST OF IMPROVEMENT
- Pillows and Mattresses
- GST Applicability for Reg. / Un-Reg. Indian custom
- Amended GST Act & Rules
- FAST DS 2026 MAIL QUERY
- Does Anyone need CA Foundation books of May2026 at
- Last day for ITR-U for AY 2023-2024 (FY 2022-2023)
Related Topics :
CAclubindia
