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After audit how will you treat previous year expenses in current year?

Accounting Auditing Expenses Financial Accounting
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Question added by Shaikh Aslam , Accounts Payable Accountant , Impact Realty Contracting Company
Date Posted: 2017/01/31
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Haroon Al Rasith
by Haroon Al Rasith , Accountant , Al Karamah Building Materials Trading

If Audit finished then treat is as commission on land purchase Dr and Cash / bank Cr.

Hossam Elgewili CMA
by Hossam Elgewili CMA , Chief Accountant , Saudi Specialized Publishing Company

If the amount is material it shall be recorded in prior period adjustment account and retained earnings. Otherwise it shall be treated as normal expense in the current year.

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