Going through the accounts of an organisation I noticed that, Balance shown in a Pass Book(not huge)has not at all been taken into account since 2009. Actually the balance has not at all been utilised and the balance being shown is only interest(normal) not attracting TDS.
On pointing out, the organisation says they simply did not notice the Pass Book and hence it was inadvertently missed out and they are asking solution. Can someone clear me how to account for. Actually the accounts for 2012-2013 has not been closed.
14 July 2013
you have to ensure that this pretty interest amt. related to last previous years should be transferred in prior period items & disclosed separately into the face of P&L
CAclubindia
