Balance sheet
This query is : Resolved
gopal parvatikar
(Querist)
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.
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
