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Outstanding bill for previous year

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 May 2014 Please help me on this matter.
There is a bill which is due for the F.Y. 2013-2014 but that bill i received in may 2014 than what i will do while our balance sheet is already prepared.
And the vendor is asking to me for the payment regularly than what is the solution kindly help me.
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
01 May 2014 Hi,

Take it as prior period expenses in FY 2014-15.


Regards,
Devanand
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
01 May 2014 well if it was due as at 31 March, you should have booked as payable or create a provision regardless of when you get the invoice.
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