We have paid last year rent amount in this financial year but actually we forgot to take provision in books - now how I can show this expenditure in this financial year.
17 October 2009
Prior period items are normally included in the determination of net profit or loss for the current period. An alternative approach is to show such items in the statement of profit and loss after determination of current net profit or loss. In either case, the objective is to indicate the effect of such items on the current profit or loss.
CAclubindia
