Bank Closing balance
This query is : Resolved
Sanaulla Sharief
(Querist)
16 November 2010
Dear Experts,
Mr. X has finalized accounts of a Pvt Limited co with a closing balances of bank & credit cards as per company balance. is this correct?
Co director is using 6 credit cards & Mr. X has shown all cards credit balance under loans liability. is this correct?
What is the correct treatment for the above.
if the books of accounts are audited as per the above practice is there any issue?
pls clarify,
Mr. X has finalized accounts of a Pvt Limited co with a closing balances of bank & credit cards as per company balance. is this correct?
Co director is using 6 credit cards & Mr. X has shown all cards credit balance under loans liability. is this correct?
What is the correct treatment for the above.
if the books of accounts are audited as per the above practice is there any issue?
pls clarify,
CA Navin Jain
(Expert)
16 November 2010
generally books of accounts are finalize with closing balance as per company but subject to bank reconciliation
Ram Avtar Singh
(Expert)
16 November 2010
Its right procedure,
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