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DIFF IN CREDITORS

This query is : Resolved 
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(Querist)
13 June 2009 HI
ONE OF MY CLINT(individual) HAS DIFFERENCE IN many CREDITORS since last 4 to 5 yrs e.g.AS PER AUDITED B/S X-200,BUT ACTUAL-150 OR 300
What is proper a/c treatment ?
Which a/c standard should apply?
What is consequences in tax matter?
What is effect on TAx audit report?
Should i disallowed this?
Which AAS is applicable?
IF THESE DIFFERENCEs debit & credit come 18.5 LAcs?
Should i debit capital a/c?
any case study ?
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
13 June 2009 suspense A/c or discount received
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
14 June 2009 In my opinion you should firstly qualify your report.

In case creditors being less than stated amount, they should be written back to P&L and vice versa.
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CA Sanjeev Kr Jain

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CA Sanjeev Kr Jain (Expert)
14 June 2009 first reconcile the difference than think about treatment thereof
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