How many Normal and Special periods will be there in fiscal year, why do u use

How many Normal and Special periods will be there in fiscal
year, why do u use special periods?

Question Posted / madhusudhan

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How many Normal and Special periods will be there in fiscal year, why do u use special periods?..

There are 12 normal periods and 4 special periods. The
Statutory audit of any company or firm will start after the
12th month. The accounts people will not be in a position
to post all the provisional entry on the end of the day of
that particular financial year to close the books of
accounts. This special period is used to post those kind of
provisional entries and if there any other missed out
entries.

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18 Yes

2 No

How many Normal and Special periods will be there in fiscal year, why do u use special periods?..

Answer / chandan

Total Noraml Periods = 12 (Max.)
Special Periods = 4 (Max.)

Special periods use for closing activity becuase of in end
of month or year lots entry will passed for accural,
provision, deprecation etc.

If i am worng so please correct me

Thanking

Is This Answer Correct ?

8 Yes

5 No

How many Normal and Special periods will be there in fiscal year, why do u use special periods?..

Answer / rakesh chauhan

12 Normal period and
4 Special Period Are there.

4 Special period is use for end of the Fiscal year. some
left entry are posting here and after Reconcilation and
Odit. Some entry are left those entry also posting here. So
that We can use 4 special period.

Is This Answer Correct ?

3 Yes

2 No

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