DIFF IN CREDITORS
This query is : Resolved
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 ?
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 ?
Manmohan ACA, CS
(Expert)
13 June 2009
suspense A/c or discount received
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.
In case creditors being less than stated amount, they should be written back to P&L and vice versa.
CA Sanjeev Kr Jain
(Expert)
14 June 2009
first reconcile the difference than think about treatment thereof
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