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Prior period income

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(Querist)
28 June 2013 If interest income of the last year considered on estimated basis and actual income turns to be higher than estimated income,wether it is considered as prior period income as per AS 5??
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Rupesh Jain

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Rupesh Jain (Expert)
28 June 2013 YES THIS IS PREIOR PERIOD INCOME
IF B/S IS NOT FINLA THEN YOU CAN MAKE CHANGE IN LAST YEAR INCOME ESTIMATES

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