Accountant treament

This query is : Resolved

Guest

Guest (Querist)

25 August 2013 n financial year 2011-12 closing balance of vendor was 12000/- in financial year 2012-13 opening balance of the same vendor was by the mistake showed as 14000/- or 11000/- what should i do in both the cases to get the correct balance

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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25 August 2013 u NEED TO PASS A RECTIFICATION ENTRY IN CURRENT YEAR WHICH WILL BE PRIOR PERIOD ITEM.

Reverse the entry of amount exceeding 12,000 or deficiency of Rs 1,000.

Ganeshbabu K

Ganeshbabu K (Expert)
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26 August 2013 you mandatorily required to take previous year closing as opening stock
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alter the current year opening stock to match with previous year closing stock

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No entry required,,just take openining balance correctly

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