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Accounting mistake in last year

This query is : Resolved

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sujit (Querist)
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25 November 2014 actual entry
debtors 100000 dr
sales 90000 cr
vat 10000 cr

entry done
debtors 100000 dr
sales 85000 cr
vat 15000 cr

how shall i rectify the error in fy 13-14

since it is a proprietorship firm
should i debit vat & credit capital a/c

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 November 2014 Credit sales a/c so that you can pay Income tax during the current year.

sujit (Querist)
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25 November 2014 should i credit capital a/c since it is a proprietorship firm

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 November 2014 If for income tax working you have already considered it as income take it to capital a/c.

Rupesh Jain

Rupesh Jain (Expert)
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26 November 2014 yes you take as income then tfr. to capital a/c

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