prior period item
This query is : Resolved
19 May 2010
how to show prior period expense in balancesheet as per schedule VI format or just note to be added in notes to accounts ?
19 May 2010
Prior period item is not shown in balance sheet. it is an line item added in P&L Account.
19 May 2010
Agreed with experts. Prior period items are shown in profit & loss a/c below the line i.e. where approriaton of profit & loss are made.
19 May 2010
As per AS 5, prior period expenses if material
should be shown as an expense in the p/L a/c
should be shown as an expense in the p/L a/c
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