Ommision of assets in previous years balance sheets

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 December 2013 Dear sir,
I have a query i was done a NGO audit but there is a problem that a Land of Rs. 1ooooo was showen in FY 2007-08 Bal sheet then after years balance sheet it was nigher shown nor sold.
Clint said that Land would be shone in FY 2012-13 Bal. sheet
Previous Years audit done by Another Auditor
is it possible if yes what can be treated?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

01 December 2013 Yes it should be shown as prior period item and mistake should be rectified and must be disclosed sep with appropriate explaination.

Querist : Anonymous

Querist : Anonymous (Querist)

01 December 2013 But sir it was shone in last 5th year b/s and there after not shone if again i shone it is default

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

01 December 2013 ya that is called as error and needs to be rectifed by showing the asset after charging dep for 5 years which was not shown in bal sheet.

Querist : Anonymous

Querist : Anonymous (Querist)

01 December 2013 But sir this is land so no dep on asset

Querist : Anonymous

Querist : Anonymous (Querist)

01 December 2013 That previous audited reports was submitted to varies Departments so how can be we rectified and capital balance not sufficent against that asset.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

02 December 2013 Refer AS-5 IT SPEAKS ABOUT RECTIFICATION OF ERRORS AND UR CASE SQUARELY FALLS IN IT.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now