Mistake in the preparation of financials

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bommana jaganmohan (Querist)
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11 August 2018 Dear sir,

I am working in a company. There is a issue in preparing Form VAT 240 for FY 16-17.

As per VAT Returns sales return in May-2016 (Rs.1,05,00,250/-) is not considered in Financials as well as that entry not reflected in Accounting Software Tally also.

Can i disclose it as a prior Period Item in the Financials for the current period. Kindly suggest us how can we move forward?

Thanks in advance
B. Jagan

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 August 2018 Yes, route it through' prior period item' to correct the mistake.

bommana jaganmohan

bommana jaganmohan (Querist)
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11 August 2018 Thanks you
Related to the above issue still we have not filled the VAT 240.
Now for filling of VAT 240 the figures are not match with the signed financials.
How to to disclose it in the VAT 240 as the figures are not match with financials.
Please suggest me how to resolve the issue.

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