Accounting treatment of Difference in Trial Balance

This query is : Resolved

Gaurav Singh Patel (Querist)
Follow

19 August 2009 What should be the accounting treatment in current year of difference in trial Balance in last year balance sheet.
weather it should transfer to capital A/c or transfer to Profit & loss A/c or any other treatment

Praveen Sharma

Praveen Sharma (Expert)
Follow

19 August 2009 should be transfer to Profit & loss account.

Thanks

CA.Pujah

CA.Pujah (Expert)
Follow

20 August 2009 I want to know something.
Is your last year balance Sheet audited?How did you treat the difference then?

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
Follow

20 August 2009 if the dif. is imaterial/small amt charge to p l a/c,otherwise Carrry Forward as suspense in balance sheet to be find out the dif. in future.

CA. Arul Mozhi Varman

CA. Arul Mozhi Varman (Expert)
Follow

20 August 2009 Every debit has its own equal and opposite credit. - Basic logic in Accountancy....

Suggestion - Try to find out the mistake if the diff is massive. If the diff is meager of neglible, just write off if there is a debit balance in the current year P&L or show it as income, if there is a credit balance.

CA. Arul Mozhi Varman

CA. Arul Mozhi Varman (Expert)
Follow

20 August 2009

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Pratap Kumar De

BIBIN KUMAR

CA Lalit Kumar Agrawal

CA Ravindra Jain

Yash

Subscribe Now

Accounting treatment of Difference in Trial Balance

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA