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AS 5

In the illustration 1 of institute's textbook, Shouldn't this be ordinary item which is in the exceptional nature How is this an prior period item ? Since there is no error in the previous years as the information w.r.t bills has been received this year rite ?

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20201101_101826.jpg


Swathi Krishna

Swathi Krishna

CA Inter

7K+

01-Nov-20 10:22

19

Answers (1)

Bill is received in Feb 2016 i.e 15-16 . It is accounted in 16-17 i.e from 1 April 2016 to 31 mar 2017 - hence it is a prior period item


Sriram Somayajula

Sriram Somayajula

Admin

01-Nov-20 14:16

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