Balance sheet
This query is : Resolved
28 February 2012
sir
In a partnership firm audited balance sheet some of enteries shown as sundry creditors that is alredy made payment through cash . how can it be rectified if any rectification done this yr same is affected net profit or not
In a partnership firm audited balance sheet some of enteries shown as sundry creditors that is alredy made payment through cash . how can it be rectified if any rectification done this yr same is affected net profit or not
28 February 2012
Since the payment has not been reflected, the cash balance must be nore than the actual cash in hand.
You can show cash payments in the current year.
The net profit will not be affected because both creditors and cash are Balance Sheet items. Creditors will decrease as will cash.
You can show cash payments in the current year.
The net profit will not be affected because both creditors and cash are Balance Sheet items. Creditors will decrease as will cash.
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