12 November 2009
There was Credit card balance showing say Dr.52550 in our accounts and as per Card details it was Cr. 12000. The balance sheet was filed with the balance as per accounts. In next financial year, the opening balance was taken as afresh as per Card details. What and how the adjustment should be made to account for the difference in opening balances? could the difference be treated as prior period expense and Credit card credited with the difference?
16 November 2009
no, preeti, when the balance sheet finalised. u cannot carry forward different balance as reqd by you. pl. reconcile the same account & make necessary entry. I hope that there is double payment entry. pl. check the same again.
CAclubindia
