Rectification of entry

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 November 2014 Case : Suppose an excise bill amounting to Rs. 11,000 (Rs. 10,000 - purchase value plus Rs. 1,000 - Excise) has been wrongly entered as Rs. 10,000 (Rs. 9,000 - purchase value plus Rs. 1,000 - Excise) in financial year 2012-13. The error was detected while finanlisation of accounts for financial year 2013-14. Now, what should be the rectification entry that should be passed to rectify the error committed and correct the books of accounts.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

08 November 2014 Take it out of general reserve.

Querist : Anonymous

Querist : Anonymous (Querist)

08 November 2014 The case is for a partnership firm. So kindly elaborate

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

08 November 2014 debit partners' capital accounts in the loss sharing ratio

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Nithish Kothari

ANUPAMA L KANT

Fahima Malik

velichety.l.narasimharao

T.N.Reddy

Subscribe Now

Rectification of entry

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA