dear all,
how to treat settelment ( payment) of liability (od from bank), which was not there in the the opening balance,,?
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treatmant of undesclosed Liabilities..?
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Well, i think the entries would be as follows-
First, Dr. Expense and Cr. Liability
Next, Dr. Liability and Cr. Bank
Lastly, Dr. P&L and Cr. Expense
This is a prior period item as per AS 5 and so should be separately disclosed.
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