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ERROR IN PREVIOUS YEAR'S BALANCE SHEET!!

This query is : Resolved 
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(Querist)
30 August 2007 What can be done to account for the errors made in the previous year's auditted balance sheet?
If the balances of sundry debtors, creditors , bank balances are wrong how can it be rectified in the current year?
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Late CA Sampat Jain

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Late CA Sampat Jain (Expert)
31 August 2007 The errors in last year balance sheet can be rectified in current year by passing rectification entry in the opening . But the real issue is this that on passing such entries whether any net difference in the contra entry will arise .If yes , what will be the effect .This depends on facts of the case.
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Ashok Kumar G

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Ashok Kumar G (Expert)
03 September 2007 Please see the effect on the profit & loss account in which the effect to that extent shell be disallowed and taxed as prior period expenses or incomes under income tax act
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