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What is the prior period item ? and please give some
examples with entries and that account head come under
which ledger(creation of ledger)
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Answer / venkat
Prior period expense should be current period Provision of Current asset
Prior period income should be current period provision of current liability
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Answer / prachi panadiwal
PRIOR PERIOD ITEM WHICH IS ISSUED IN ONE FINANCIAL YEAR &
CARRY OUT NEXT FINANCIAL YEAR ALSO
E.G IF CHEQUE ISSUED IN MARCH & CLEARD IN MAY TNEN IT WILL
MOVE TO PRIOR PERIOD WHILE BANK RECONCILATION.
| Is This Answer Correct ? | 1 Yes | 6 No |
Answer / r sumitra
prior period item are those which arise after the
incorporation but the receipt of certificate of commencement
| Is This Answer Correct ? | 0 Yes | 8 No |
Here is a question i was asked below is the scenario need to enter journal entrries for both accounting system Cash and Accrual :- 1) Landlord A/c 2) Tenant A/c 3) Bills Receivable A/c 4) Cash A/c 5) Bank A/c Situation:- 1) Bill is created. 2) Bill is sen to the tenant, journal entry =? 3) Cash is received from the tenant, journal entry=? 5) If cheque is received from the tenant, journal entry=? 6) Receipt is created. 5) Receipt is sent to the tenat, journal entry=? Its urgent, please help.
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