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 Posted / 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.
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