Medal fund(earmarked fund)- a/c last yr was adjusted wrongly against sundry debtors, now how to rectify it in current financial statements.

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Querist : Anonymous

Querist : Anonymous (Querist)

28 November 2014 pls reply

Amol S Joglekar (Expert)
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28 November 2014 Pass a reversal entry.
Dont forget to record the resolution in the minutes of the meeting in which the same is resolved.

Rupesh Jain (Expert)
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29 November 2014 you can reverse the last year entry/

Querist : Anonymous

Querist : Anonymous (Querist)

29 November 2014 should comparatives be restated?

Amol S Joglekar (Expert)
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30 November 2014 It is customary to make a foot note rather than CHANGING the comparitives of last year.

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