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Sales made in FY 2011-2012

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(Querist)
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?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
12 June 2021 Pass rectification entry credit the wrong party and debit the right one. No issues from income tax.
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CA Altamush Zafar

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CA Altamush Zafar (Expert)
12 June 2021 Pass journal entry to interchange the debtors



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Asha Kanta Sharma

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Asha Kanta Sharma (Expert)
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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