in last year 2008-09 , while finalising balance sheet of petrol pump , an income (tanker freight) is written as 42 lacs instead of 52 lacs (as per form no. 16a) ,
and closing stoch of petrol is written as 23000 litres instead of 30000 litres , on account of which closing stock is also undervalued by rs. 280000 .
please suggest me how to rectify these mistakes:
either to change audit report ?
or by filing revised return?
please answer it in detail

facts
1. company is in a business of proving employees to the company on contract basis
2.co raises bill of actual salary payable to employees + service charges + service tax.
3. company pays salary to all concerned in first week of next month.
4. but company raised invoices in month of april and may 09 for the services rendered in the month of jan feb and march 09.
5. In some cases, it was also found that tds certificate of current period includes the amounts which are of previous period according to companies invoices but not accounted for, in previous year, neither by co nor by deductor.

question :
1.whether these service charges are considered prior period ?
2. what will be accouing treatment?
3. or as invoices raised in current period these are considered as currect period transactions.
4. what is the solution for point no. 5. can i treat it as current years invoices or require disclosure?
i am confused. pl clarify the situation.

Dear Professional Collegues,

Can someone describe about company's balance sheet and P&L position in case the case the company goes for strike off.

Finished goods are valued at the lower of cost or net realisable value. Net realisable value is considered as on the balance sheet date. If subsequent to the B/S date but before the approval of the B/S by the Board of Directors, if there is further decline to the net realiasable value, whether the same would be considered for the purpose of inventory valuation?

pl can any one send me format for noc from previous auditor.

thnaks in advance

Dear Sir/Madam

What is Actuariation method to be followed for provision of Gratuity liability ?
Does the provisioning aspects differs if the Company is SMC (Small medium company)?

Thanks in advance

hello sir

how to get a bank audit for proprietor firm in chennai.

Respected Experts,

Notes for Maintainence of Books of Accounts in SAP Accounting package in 3CD of Tax Audit Report

dear sir
in last year 2008-09 while finalizing a petrol pump's audit report , by mistake tanker freight of Rs. 52 lacs is taken as 42 lacs , sir kindly suggest me how can i rectify it ,
either i can revised the audit report as well as final accounts of last year or to show this 10 lacs as prior period item in current year p& l a/c , if we can claim expenses from such income or not .
please reply soon

ceiling limit of auditor is 45 then wht is classification of ceiling limit i mean how limit is there for public company more than 25 lakh share capital or less than

in detail