Interested to Buy Any Domain ? << Click Here >> for more details...
What is the prior period item ? and please give some
examples with entries and that account head come under
which ledger(creation of ledger)
- 3 Answers
- 9452 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / venkat
Prior period expense should be current period Provision of Current asset
Prior period income should be current period provision of current liability
| Is This Answer Correct ? | 0 Yes | 0 No |
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 |
what s account
What is Deferred Income Tax and how to calculate and enter in the tally.
1 Answers Crossdomain, FactSet Systems,
what is suspense a/c?
What are all the MIS reports you prepare in your company for the management
HOW TO FILL PURCHASE RETURNS IN VAT 200,IF NOT PURCHASES THE PERIOD?
Outstanding Income & Advance income - Will it be shown in P&L..? In b/s which side, it will be shown..?
What is general entry credit purchase?
Why is an ‘Alternate Payee’ used
how to account salary advanced from petty cash
entry for outstanding expenses
25 Answers Adidas, Capital IQ, Ernst Young,
How many types of Methods of Depreciation Calculation ?
2. A budgeted profit statement of a company working at 75% capacity is provided to you 2 below, Sales 9,000 units at Rs. 32 Rs. 2,88,000 Less: Direct materials Rs. 54,000 Direct wages 72,000 Production overhead: fixed 42,000 variable 18,000 1,86,000 Gross profit 1,02,000 Less: Administration, selling and distribution costs: fixed 36,000 varying with sales volume 27,000 63,000 Net profit 39,000 You are required to: (a) Calculate the breakeven point in units and in value. (b) It has been estimated that: (i) if the selling price per unit were reduced to Rs. 28, the increased demand would utilise 90% of the company's capacity without any additional advertising expenditure, and (ii) to attract sufficient demand to utilise full capacity would require a 15% reduction in the current selling price and a Rs. 5,000 special advertising campaign. You are required to present a statement showing the effect of the two alternatives compared with the original budget and to advise management which of the three possible plans ought to be adopted, i.e., the original budget plan or (i) above or (ii) above. (c) An independent market research study shows that by spending Rs. 15,000 on a special advertising campaign, the company could operate at full capacity and maintain the selling price at Rs. 32 per unit. You are required to: (i) Advise management whether this proposal should be adopted.
Audit 
