27 July 2017
While finalising this year's balance sheet I found that there are some discrepancies on last year's balance sheet....for example loan has been shown as trade payable.....and previous auditor failed to point out that and approved the balance sheet....now when I am preparing this year's balance sheet , then how should I show that amount in last year's column.....should I show it as shown in audited balance sheet or should I show it at right place?
27 July 2017
Dear CA Akhilesh Kumar Kandpal Sir.,
Above said view the balances can't differents. So, You can adjust to its exact head of accounts. It's no more effects. Just create 2nd Ledger then pass a journal....
27 July 2017
Show last year's figures at the correct place and mention in a note that previous years figures have been recast to show them under appropriate head.
CAclubindia
