AS 5

Accountancy

Can anyone explain how it is treated as prior period item? What is the error or omission in this case?

Himanshu Somani

CA Final

★ 97K+

02-Jun-21 12:24

790

Answers (1)

The final bill must be accounted in the year 20X8 but it was not accounted. Since it was accounted in 20X9, it is considered as prior period item because of ommission

Yoga Vishnu

CA Final

★ 11K+

03-Jun-21 10:09

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AS 5

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