Accounting mistake in last year
This query is : Resolved
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
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
(Expert)
25 November 2014
Credit sales a/c so that you can pay Income tax during the current year.
25 November 2014
should i credit capital a/c since it is a proprietorship firm
CA R SEETHARAMAN
(Expert)
25 November 2014
If for income tax working you have already considered it as income take it to capital a/c.
Rupesh Jain
(Expert)
26 November 2014
yes you take as income then tfr. to capital a/c
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