prior period items??
This query is : Resolved
sam trikha
(Querist)
24 January 2011
what is basis taking an expense as prior period items.... either
(a) exp after 31 march
or any other ???
(a) exp after 31 march
or any other ???
Sunil Kr. Sanganeria
(Expert)
25 January 2011
Prior perid item means expenses debited to profit & loss account which pertains to last Year. If a person inadvertantly forget to debit in the account the expenses of that year and debit that expenses in the next year , it is called prior perid item.
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Vishal Sharma
(Expert)
27 January 2011
If due to any error or omission if a person forget to account any expenses (which pertains to P.Y) in the previous year and accounts the same in current year such expenses are called prior period items & separate disclosure is required for such items in the Financial Statements
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