Prior period item
This query is : Resolved
30 October 2008
in the previous year's audit of a company
1.A liability was treated as expense and i want to show the same as a liability this year.
2.An asset was omitted altogether and this year the same has been sold.How to bring the asset into the books.
Journal entries with explanation would help.
1.A liability was treated as expense and i want to show the same as a liability this year.
2.An asset was omitted altogether and this year the same has been sold.How to bring the asset into the books.
Journal entries with explanation would help.
30 October 2008
Please state the items exactly.
30 October 2008
Pls state clearly, when you forgot to show the assets in books, where was the second effect taken for that ommission, (Whether in cash, bank or creditors). Only then, corrective measures can be taken, during the year.
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