Prior period
This query is : Resolved
14 March 2008
due to frequent modification of tarrif by the statutory body i.e. central electricity regulatory commision,the current bills being raised by the different generating units include the energy charges for the previous years also.it is to mention that estimated or actual liability can not be determined at end of the purchaser on the basis of tariff order. whether the energy charges for the previous years included in current bills shall be accounted for as prior period expenses or current year expenses.
15 March 2008
It will not be correct not to provide for recurring expenditure at least on a reasonable estimate basis. Therefore, provision is required on an average rate basis atleast, for the power consumed. Excess or short fall if not material need not be shown as prior period items, in such a case.
15 March 2008
MAKE PROVISION FOR POWER CONSUMED
15 March 2008
if provision is not made in05-06 then it will be charge as prior period expenses in06-07.pl. clarify
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