Journal entry for rectification of error
This query is : Resolved
rashid ali
(Querist)
09 March 2015
" In the current year(2014-15) we found that credit purchase of 2012-13 is overvalued by rs. 10800 and payment for the same was made.
The ledger of the party was closed during 2013-14.
now we have received back Rs. 10800 from the same party through the cheque."
The problem is that , how we can pass journal entry for rectification of error ??
The ledger of the party was closed during 2013-14.
now we have received back Rs. 10800 from the same party through the cheque."
The problem is that , how we can pass journal entry for rectification of error ??
CA R SEETHARAMAN
(Expert)
09 March 2015
Sundry creditors(party ac) dr
To purchase ac
To purchase ac
rashid ali
(Querist)
10 March 2015
Thanks Mr. Seetharaman .
rashid ali
(Querist)
10 March 2015
The error is last year, can we rectify it for reducing current years purchase ?
CA R SEETHARAMAN
(Expert)
10 March 2015
If the amount is material you can account it under prior period transactions.
rashid ali
(Querist)
11 March 2015
Thanks for guidance, this is very helpful for me.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- Oct 2025 Invoices
- Import of Software Service.
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Under marginal scheme
- Capitalgain tax purposes for valuation report compulsory
- GST on Renting godown to KFCSC for Storage of Raagi
- GST Audit whether Govt Companies are exempt?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
