Effect of prior period item

This query is : Resolved 

16 April 2008 should we give effect of PRIOR PERIOD ITEM in current year B/s?

Eg. Expenses of Rs.20000 was recorded by Rs.10000 in previous year, now in the current year should we pass the entry for remaining 10000??

16 April 2008 Yes,
Entry should be passed for it.

16 April 2008 thank you sir


16 April 2008 THE BALANCE OF RS. 10000/ YOU MAY BOOK AS PRIOR PERIOD EXP.BUT PRIOR PERIOD EXP. WILL BE DISALLOWED BY THE ASSESSING OFFICER.
WHAT USUALLY ASSESSEES DO TO AVOID DISALLOWANCE IS TAKE A CURRENT YEAR BILL FOR THE DIFF. AMOUNT AND BOOK AS EXP .THIS WILL NOT BE DISALLOWED.
R.V.RAO

16 April 2008 I agreed with mr. R.V.Rao

19 April 2008 MR RAO IS CORRECT

20 April 2008 yes

21 April 2008 Mr. CA Saurabh Maheshwari
do you your own answer ?
just check your replies in other queries also?
Mr. Rao have a much experience and we can't judge them.
He is a mysterious person and have vast knowledge therefore please avoid these type of postings to get the more points only???
Sorry , if it hurts you but its trueness only.




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