Accounting treatment of Difference in Trial Balance
This query is : Resolved
Gaurav Singh Patel
(Querist)
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
weather it should transfer to capital A/c or transfer to Profit & loss A/c or any other treatment
Praveen Sharma
(Expert)
19 August 2009
should be transfer to Profit & loss account.
Thanks
Thanks
20 August 2009
I want to know something.
Is your last year balance Sheet audited?How did you treat the difference then?
Is your last year balance Sheet audited?How did you treat the difference then?
CA Gangadhar Mishra
(Expert)
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.
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.
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.
20 August 2009
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