Mohammed Shahid Rahman (Partner) (143 Points)
24 March 2016Hello,
In last year Balance Sheet (14-15) I made a mistake in my company's Balance Sheet.
Outstanding Expenses for Municipal Tax should be 5500/- instead of 4500/-. How do I correct this in current financial year (15-16) in Tally?
Please help.
Thanks
SANJAY
(CA in Practice)
(32 Points)
Replied 24 March 2016
Hi,
It should be accounted as Prior Period expense in Current year's financials.
Regards
Sanjay Lalwani
Mohammed Shahid Rahman
(Partner)
(143 Points)
Replied 24 March 2016
I am new in accountancy. An example will be very helpful. I m using Tally 9 erp.
SANJAY
(CA in Practice)
(32 Points)
Replied 24 March 2016
Pass this entry.
Prior period Expense A/c..Dr. 1000
To Cash/Bank A/c. 1000
(Write in narration nature of expense and period for which it relates to)
Mohammed Shahid Rahman
(Partner)
(143 Points)
Replied 24 March 2016
Hello,
Thanks for the reply. What should be the head of Prior Period Expense? Indirect Exp or Capital ?
Regards
Mohammed Shahid Rahman
(Partner)
(143 Points)
Replied 24 March 2016
Thank you so much for the help Mr.Sanjay
Regards
Shahid
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