Prior Period Expenditure

NANDURI RAVI SURYA NARAYANA MU (ACCOUNTANT) (194 Points)

16 March 2009  

Can any body advise to me, what i can do while i am having prior period expenses in my T.B. The expensses was not recognised earlier.  While i prepare P&L where i noted that Prior Period expenses.  What is the role in p&l account of perior period expenses.  In the corner of income tax also.  Theses expenses recognised by the Assessing Officer, because it was not effect of our profit figure.  so is it deductable item or not.  Kindly guide me.