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ERROR ON PREVIUS YEAR'S BALANCE SHEET!!

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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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SRINATHA

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SRINATHA (Expert)
31 August 2007 Hi Sindhu,

The differences owing to the wrong balances can be treated as prior period expenses/income.

N.R. Srinatha
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Srinath A. N.

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Srinath A. N. (Expert)
08 October 2007 In case of Companies, The annual accounts once adopted in the Annual General Meeting and filed with ROC can be re-opened in order to comply with technical requirement of any other law to achieve the object of exhibiting the true and fair view. The revised accounts should be adopted in the extra-ordinary General Meeting or subsequent AGM and shall be filed with ROC.
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