Regarding jv entry
This query is : Resolved
26 September 2019
Dear sir,
There were two electricity security deposit given by company but the previous accountant did not make one deposit entry in the tally. It has been over 10 years . We have found this year that one deposit is not posted in the tally.my question is what should I make entry this financial year?
Regards
Sadhan
There were two electricity security deposit given by company but the previous accountant did not make one deposit entry in the tally. It has been over 10 years . We have found this year that one deposit is not posted in the tally.my question is what should I make entry this financial year?
Regards
Sadhan
26 September 2019
We require further information to answer query. What is the entry passed at the time of making deposit payment 10 years back?
We presume that the payment made to electricity deposit is accounted in some other accounts head 10 years back. Other wise the Bank reconciliation for actual payment will not tally. If so, Deposit account to be debited and the expenses which was wrongly debited at that time will be credited. Other EB expenses may be reversed.
But I have to know what was entry passed at that time to give correct reply
We presume that the payment made to electricity deposit is accounted in some other accounts head 10 years back. Other wise the Bank reconciliation for actual payment will not tally. If so, Deposit account to be debited and the expenses which was wrongly debited at that time will be credited. Other EB expenses may be reversed.
But I have to know what was entry passed at that time to give correct reply
26 September 2019
Mseb seurity deposit (under Deposit)......Dr
To Bank A/c
(Amount was given to MSEB for security purpose)
To Bank A/c
(Amount was given to MSEB for security purpose)
26 September 2019
Then what is the need to pass entry for this year? whether entry to MSEB security was wrong?
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