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Can we booked current years expenses in the next year ?
wahtever the answer plz provide me any proof for that
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Answer / h.r. sreepada bhagi
Revenues (Incomes) and Expenses have to be matched every
Accounting year and hence under Accrual Concept of
Accounting, All incomes and expenses relating to current
year should be booked in the current year only. No expense
relating the current accounting should be postponed to next
accounting year deliberately. However, for any reason an
expense has not been booked in a previous accounting year,
that can be booked in the current year under Prior Period
Expenses with proper narration.
Proof - Read matching Concept & Accrual Concept under
Accounting Principles.
However, if accounts are maintained on Cash basis by an
individual or a proprietorship concern, the expenses will be
booked when it is paid, instead of when it is booked. This
is not in accordance with teh Concepts mentioned above.
| Is This Answer Correct ? | 21 Yes | 1 No |
Answer / swathi
Yes we consider previous year expenses in current year but
at the end of the previous year we must put provision for
that expenditure or income otherwise that expenditure or
income dis allowed in the next year
proof:Read the matching concepts of prior period expenditure
| Is This Answer Correct ? | 7 Yes | 5 No |
Answer / rohit
@chetan-we are here to clear queries and not comment on the other's subject.if in case u have any problem plz keep it with u and do not post such comments.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / indranath chakraborty
Under cash basis of accounting we can book any expenses
for any accounting year when it is actually paid but under
accrual/mercantile basis of accounting we are supposed to
book the expenses/revenues in the particular in whcih the
expenses / revenues are related to.
But under matching concept of accounting principle if
anything happens due to oversight that can be taken in the
next year with proper narration.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / chetan
according to AS 9 which states that expenses have to be shown in the balance sheet and outstanding expenses have to be charged to the profit and loss account under the head auditors remuneration....the opening stock wil be shown in the closing balance sheet under the head euity and capital according to the revised schedule VI....it will be divided into current and non-current and if the expense is for a period of more than 1 year it will be shown under the head current liabilities...miscellaneous expenditure cannot be shown according to the revised schedule VI.....
WE CANNOT BOOK CURRENT YEAR EXPENSE IN THE NEXT YEAR...ONLY IF THE EXPENSE IS GENUINE IT CAN BE BOOKED IN THE NEXT YEAR...YOU SHOULD NOT ASK SUCH DUMB QUESTIONS...1ST GO CLEAR YOUR CONCEPTS AND THEN IF YOU HAVE SOME CHALLENGING DOUBTS THEN ONLY COME AND ASK ME
| Is This Answer Correct ? | 1 Yes | 13 No |
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