What is the prior period item ? and please give some examples with entries and

What is the prior period item ? and please give some
examples with entries and that account head come under
which ledger(creation of ledger)

Question Posted / nagesh

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What is the prior period item ? and please give some examples with entries and that account head c..

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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What is the prior period item ? and please give some examples with entries and that account head c..

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.

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What is the prior period item ? and please give some examples with entries and that account head c..

Answer / r sumitra

prior period item are those which arise after the
incorporation but the receipt of certificate of commencement

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