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Prior period item

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 February 2014 Sir,

An institution failed to record TDS which was deducted from its income for the previous Year.So this was not reflected in the financial statements for the previous year. However on filing IT return for the previous year,the amount of TDS was reflected in form 26 AS.How can this be recorded in the financial statements for the current year? Journal Entries required.
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Vishnu Saboo

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Vishnu Saboo (Expert)
28 February 2014 Prior period items Dr
to Party A/c
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