I have received a sum of Rs.500 worth Bill from Vendor,
which is relevent to 2004-05. But Outstanding Expenses not
book during that Year? What is the Accounting Policies to
book this expenses?
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Answer Posted / sreenatha reddy a
if any Expenditure is not accounted in any Previous year it should be booked in current year as Prior Period Expenditure under Indirect expenses. and the Same is Disallowed in the Computation of Income during the Current Previous Year. But In Case of Prior Period Income It Is Different and It Should Not Be Disallowed.
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