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Medal fund(earmarked fund)- a/c last yr was adjusted wrongly against sundry debtors, now how to rectify it in current financial statements.

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 November 2014 pls reply
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Amol S Joglekar

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Amol S Joglekar (Expert)
28 November 2014 Pass a reversal entry.
Dont forget to record the resolution in the minutes of the meeting in which the same is resolved.
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Rupesh Jain

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Rupesh Jain (Expert)
29 November 2014 you can reverse the last year entry/
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 November 2014 should comparatives be restated?
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Amol S Joglekar

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Amol S Joglekar (Expert)
30 November 2014 It is customary to make a foot note rather than CHANGING the comparitives of last year.
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