Last year closing does not match with current year opening

This query is : Resolved

Sneha Patil (Querist)
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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?

CA KARAN SINGH

CA KARAN SINGH (Expert)
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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.

c.bakshi

c.bakshi (Expert)
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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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