means of these lines

This query is : Resolved

Guest

Guest (Querist)

04 October 2010 Plz book in prior period expenses account.

PLZ TELL ME THE MEANS OF THESE LINES. WHAT IS THE GROUP OF THESE LEDGER .
WHAT WILL THE ENTRY
PLZ SIR ITS URGENT .

ABHINAV AHUJA

ABHINAV AHUJA (Expert)
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16 October 2010 hi,

Prior period expenses are those expenses which should have been booked in last FY but were ommitted.

Such expenses when traced in current FY are required to be shown separatey as per AS-5.

So the line means , that instead to debiting such expenses in any natural head , book them in separate head called "Prior Period"