27 February 2012
can we do entry in our books of accopunt today, if a bill of freight related to previous year which is not entered earlier in our books of account
27 February 2012
In terms of AS- 5 Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
Prior period items are income or expenses which arise in the current period as a result of errors or omissions in the preparation of the financial statements of one or more prior periods
So the Freight of Bill is a prior period item and hence can accordingly be reflected in current year Accounts.
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