Question { 11329 }

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

Answer

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.