Rental deposit

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This query is : Resolved

anusha (Querist)

04 April 2015 Dear Sir,

I have a small doubt. The firm, in which I am working, paid a rental deposit of Rs. 58,000/- on 11-2-14(P.Y. 2013-14). But forgot to show in books in that yr. Can we show that deposit in current year (i.e., P.Y. 2014-15) How to show it in current year Accounts???

Please reply

Thanks in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

04 April 2015 It can only be shown as current year receipt.

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anusha

anusha (Querist)

04 April 2015 Sir,

It is not a receipt. We paid the deposit to the landlord.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

04 April 2015 From which account it is paid.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

04 April 2015 If paid by cheque then you have to check the bank book for where the amount is debited, after finding the same you have to rectify the entry with passing corrections.

anusha

anusha (Querist)

04 April 2015 We paid cash, but forgot to show it books of accounts of last year. Now can we show it current year books, by posting a payment entry on April 1st'2014???

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

04 April 2015 you can do the same. accordingly you have to inform your auditor also

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anusha

anusha (Querist)

04 April 2015 ok. Thank u so much sir for valuable replies

Kaushik Joshi

Kaushik Joshi (Expert)

06 April 2015 Dear Anusha,
If your firm was an auditable assesse, then I'd agree with Mr.Ramesh Krishnan. Also specify in the narration the reason for the correction entry.
If your not liable to audit in the f.y.2013-14, then there'd be two options:
1.if return filed in time- revise return and show correct status.
2.if return not filed in time- go with adjustment entry.

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