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if we have received the bill of telephone and electricity
for the period 16th march to 15 april ,what will be the
entry for the year ended 31st march '10?will there be any
provision entry for this
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Answer Posted / h.r. sreepada bhagi
If any bill covering two financial periods is received (Eg.
16-03-10 to 15-04-10), When the bill is received, divide the
amount based on No. of days between the two years and make
provision for 2009-10 accordingly. In 2010-11 April, reverse
the provision & account the full value of the bill amount
and pay the money.
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