Sundry creditors write off

This query is : Resolved

Jogesh Jain (Querist)
Follow

28 November 2013 Dear Sir,
The Payment has given to Auditor for audit fees Rs 5000/- bu they have booked exp in P/L A/c as Rs 7500/- in the F.Y-2012-2013.

Now my query is is there any way to adjust the creditors in the same financial year or any other way to adjust
Kindly advise as soon as possible.

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

28 November 2013 writeoff 2500 and treat it is miscellenous income

Manish Bhandari

Manish Bhandari (Expert)
Follow

28 November 2013 You can write back it as income under the head excess provision written back and book it as income.

Jogesh Jain

Jogesh Jain (Querist)
Follow

29 November 2013 Thanks for your reply but plz explain me when should I pass the entry i.e in which financial year. Explain me Plz
If I pass the entry in F.Y-2012-2013 my Income will increase and exp drop down which will unmatched the Net Profit of Tally with Net Profit of auditors sheet.

Plz explain me in detail

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

29 November 2013 THIS WRITTEN BACK ENTRY SHOULD BE PASSED IN F.Y.2013-14

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