Prior period expenditure

This query is : Open

Deepak Shettigar (Querist)
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19 July 2010 How to show Prior period expenses for presentation under shceduel VI

wether it should be debited to P & L Appropriation a/c or should be disclosed in Notes to a/cs

And while disclosing in notes to a/cs wether the same amount would be debited in P & L or only it should be shown in notes to a/cs

or

debit P & L a/c and while preparing computation of income under income tax act it would be disallowed.

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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19 July 2010 Dr into P&L and show in notes to accounts

Deepak Shettigar

Deepak Shettigar (Querist)
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19 July 2010 Wether any disclosure to be made in P & L A/c. I mean seprate Head for Prior Period expenses.

And wether this expenses will be disallowed under income tax ?

Also wether Prepaid expenses should be specifically mentioned in notes to a/cs

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Deepak Shettigar

Deepak Shettigar (Querist)
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19 July 2010 Plz help me its urgent