Out standing dues of memebs
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 May 2018
Sir,
Societies accounts are audited. Inadvertently Out standing Interest of Last quarter of the financial year (Jan-March) was not included in the closing balance of Out standing Dues in Balance sheet.
Bills for current financial year are issued with correct out standing balances.
Now while preparing Balance sheet there is difference of amount equal to the interest for the period Jan- March of previous year.
In such situation how to correct the mistake?
Regards
ANGS
Societies accounts are audited. Inadvertently Out standing Interest of Last quarter of the financial year (Jan-March) was not included in the closing balance of Out standing Dues in Balance sheet.
Bills for current financial year are issued with correct out standing balances.
Now while preparing Balance sheet there is difference of amount equal to the interest for the period Jan- March of previous year.
In such situation how to correct the mistake?
Regards
ANGS
01 May 2018
In the current year, please add this amount to the Outstanding Dues Closing balance in the Balance Sheet and in the P & L account show this amount as prior period expense. Also give a note explaining this point in the Notes to account.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
01 May 2018
Thank you sir,
But what about Bill Amount of Jan-March 2018 and April-June 2018 ( Bills are issued quarterly) ? will it change? Since Bills show correct out standing Balance as of today.
Regards
But what about Bill Amount of Jan-March 2018 and April-June 2018 ( Bills are issued quarterly) ? will it change? Since Bills show correct out standing Balance as of today.
Regards
02 May 2018
There should not be any change in the bills since these show the actual position.
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