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Manoranjan Das (Querist)
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21 October 2013 If some cleared transaction from Bank not booked in accounts and balance sheet finalized then what to do?

Ganeshbabu K

Ganeshbabu K (Expert)
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21 October 2013 could not able to understand,,how come it is possible,,pass entries in next year for those cleared transactions which was not taken in to account in finalized balancesheet

Manoranjan Das

Manoranjan Das (Querist)
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21 October 2013 by mistake the entries are not made and bank not reconciled. After finalization should these entries can be made in next year.

Ganeshbabu K

Ganeshbabu K (Expert)
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21 October 2013 if the balancesheet is already signed,,then only thing we can do is pass those entries in next year,,we cannot disturb opening balances

Manoranjan Das

Manoranjan Das (Querist)
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21 October 2013 According to IT Rules, is there any provision or penalty or allowance of booking prev year entries.

Ganeshbabu K

Ganeshbabu K (Expert)
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21 October 2013 your not booking expenditure/Income entries so it will be fine
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Manoranjan Das

Manoranjan Das (Querist)
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21 October 2013 r u sure, I am going to pass entries "amounts cleared in bank but not booked in accounts for prev year",in current year.

Ganeshbabu K

Ganeshbabu K (Expert)
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21 October 2013 Then what else solution there for this,,
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these enties cannot be passed in previous year because you saying balancesheet already finalized with out taking due care on bank balances..
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then only thing can do is pass those entries in next year,,i dont think there is another choice

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