ERROR IN PREVIOUS YEAR'S BALANCE SHEET!!

This query is : Resolved

Sindhu (Querist)
Follow

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?

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
Follow

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.

Ashok Kumar G

Ashok Kumar G (Expert)
Follow

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

NIKHIL GUPTA

CA. Urmila Mahalwal

DHANASHRI KARMARKAR

Anurag Sharma

shubham agrawal

Subscribe Now

ERROR IN PREVIOUS YEAR'S BALANCE SHEET!!

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

CA Final

Accountant

GST CONSULTANT

Manager- Finance and Compliance

Senior Executive