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Accounts finalisation

This query is : Resolved

Sayan Gupta (Querist)
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24 January 2018 I am finalizing Accounts of a Proprietorship business for the F.Y 2016-17. Closing balance of loan taken by the proprietor as on 31.03.2016 as per loan statement is not matching with closing balance of loan taken as per balance sheet for the F.Y 2015-16. May be there was some mistake at the time of preparing the 15-16 Balance sheet. Now if I take opening balance of loans from the 15-16 balance sheet, the closing balance as on 31.03.2017 will not match with loan statement and I cant take opening balance from loan statement also as I have to take the opening balances from the previous balance sheet only as per rules. So what should I do ?

REPLY URGENTLY.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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26 January 2018 Take the balance as per last finalised signed financials and make the necessary adjustment entries in current period for the difference in opening balance, If impact in p&l show as prior period adjustment and disclose in notes to financials also

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