Expense related to next f.y. but bill recd in c.y.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 July 2012 Hi,

There is an Expense of Rs.100000 for which bill received in 29/03/2012, but exp. is related to May,2012, also for which payment is made in May, 2012.

So, any entry require to be pass in March 2012 as the bill date is 29/03/2012.

CA BHARATH KUMAR

CA BHARATH KUMAR (Expert)
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04 July 2012 not require. Because this transaction come in this Financial Year only . so you pass entry in may month only.
if prepaid expenses like insurance etc it should treated in last year only because payment made in march month only but it include this year exepnese.