Accounts
This query is : Resolved
gopal parvatikar
(Querist)
02 March 2012
sir,
already audited the balance sheet of a company same some enteries shown as a liabilites but actully they have paid the bill and shown in expenditure.
kindly inform me to how to rectify inform
2] already company have paid the tax of a particular period
if any correction is done it will how to reflect in balance sheet and p&l account
already audited the balance sheet of a company same some enteries shown as a liabilites but actully they have paid the bill and shown in expenditure.
kindly inform me to how to rectify inform
2] already company have paid the tax of a particular period
if any correction is done it will how to reflect in balance sheet and p&l account
CA Urvish Sanghavi
(Expert)
03 March 2012
Sir,
I think u need to ractify the Audit Report of the respective Financial Year OR
You can also ractify the same by making Prior Period Item of the Next Financial Year.
2) The answer to the Second Question is to Adjust the same as Prior Period Adjustment. E.G. If after payment of Self Assessment Tax, if a particular demand of the Income Tax Department arise, the same has to be reflected in the Profit and Loss. however whether it will affect the balance sheet or not i m not pretty sure.
Sir,
I think u need to ractify the Audit Report of the respective Financial Year OR
You can also ractify the same by making Prior Period Item of the Next Financial Year.
2) The answer to the Second Question is to Adjust the same as Prior Period Adjustment. E.G. If after payment of Self Assessment Tax, if a particular demand of the Income Tax Department arise, the same has to be reflected in the Profit and Loss. however whether it will affect the balance sheet or not i m not pretty sure.
17 July 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
