06 October 2010
suppose on 31st march10 there are some exepeses pertaining to current year. but we donot know the exact amount & therefore expenses not booked.
in the month of april bill was received for Rs.5000 for period(09-10).
As per AS-4, prior period items are those items which arise in the current year due to error/ommission in the previous year.
Is the expense of Rs.5000 a prior period expenses??
CAclubindia
