Sales made in FY 2011-2012
This query is : Resolved
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11 June 2021
We made sales to a party in 2011-2012 of which one sale of Rs5 lakhs was entered into partys AC by mistake. Now the mistake have been found. The sale of 5 lakhs was made to other parties during that period. How can we rectify now this mistake? Pl advise? Will there be any issues from Income Tax?
12 June 2021
Pass rectification entry credit the wrong party and debit the right one. No issues from income tax.
12 June 2021
Pass journal entry to interchange the debtors
20 June 2021
But how such a laps was not noticed for years as Auditors usually takes balance confirmations on a yearly basis ?
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