Last year closing does not match with current year opening
This query is : Resolved
Quick Summary
Sneha Patil
(Querist)
09 September 2020
Hello,
Closing balance of previous year audited balance sheet does not match with current year opening balance.
How to adjust the difference?
Closing balance of previous year audited balance sheet does not match with current year opening balance.
How to adjust the difference?
CA KARAN SINGH
(Expert)
09 September 2020
First of all, this cannot happen. In any situation, the closing balances of the previous year shall be the opening balances of the current year.
Also, You should find the reason behind the differences that occurred between the two, and further if you are required to do some adjustments, then the adjustments will be done in respective account balances in which differences are appearing.
Also, You should find the reason behind the differences that occurred between the two, and further if you are required to do some adjustments, then the adjustments will be done in respective account balances in which differences are appearing.
10 September 2020
MIGHT BE IT IS DUE TO REASON THAT YOU TAKE CLOSING STOCK AT COST AND WHILE TAKING OPENING VALUE YOU CONSIDERED AT FMV
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