Correction in audited balance sheet

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YOGESH GUPTA (Querist)
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11 November 2010

Balance sheet of our company for financial year 2008-09 have been sign by our auditor. but we have not filed the same to ROC. Now we observed that there are some errors in balance sheet which are clerical type of errors. Like we increase the authorised capital of the company but by mistake not mentioned in the BS. due to this it looks paid up capital is more than authoriesed capital. there are some calculation errors as well.

Pls provide the way out to rectify these mistakes in bs so that we can file the same to ROC and also auditors signed the corrected bs as well
REgards

Yogesh gupta

Ajay Mishra

Ajay Mishra (Expert)
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11 November 2010 Hi

Authorised Capital missing is not a clerical mistake, I think you have file Form-5 with ROC for the increased capital. If the documents are updated regarding capital increase and you have missed to given in Balance Sheet, so you can correct subject to the approval of auditor.

Other views are also solicited

Regards

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 November 2010 If the audited statements are circulated among the members and approved in AGM, then the company has to reopen the accounts for correcting the mistake of authorised capital ,being a technical requirement as per law (violation of schedule VI) as suggested by the then Department of company Affairs vide General Circular No.1/2003 dated 13/01/2003.

However, compliance related filing of e-form 5, and e-form 2 may be checked in MCA portal at least in 'Company Master Data' to know the amount of authorised / issued capital etc before proceding further on this matter.

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YOGESH GUPTA

YOGESH GUPTA (Querist)
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12 November 2010 Dear Chackrapani

What is the proceedure to reopen the accounts for correcting the mistake.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 November 2010 The revised annual accounts would required to be adopted either in the extraordinary general meeting or in the subsequent annual general meeting and can be filed with the Registrar of Companies.

However,ICAI's view on the captioned subject is just opposite to the circular referred by me earlier. The said view can be seen from "Compendium of opinions" .

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 November 2010 ICAI gave the opinion way back in 1983. Consequent to the representations raised there after, ICAI has reviewed their opinion and Circular 1/2003 holds good right now.

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