Urgent
This query is : Resolved
03 August 2009
When the opening balances are different from the figures reflected in cash book (bank balance)and last year audited balancesheet what should be the action taken.
We know the amount reflected in the cash book is correct as we can verify with bankstatement given to us but it disaggress with the audited report.
We know the amount reflected in the cash book is correct as we can verify with bankstatement given to us but it disaggress with the audited report.
Shyam Lal Naik
(Expert)
03 August 2009
The bank balance as per cash book may differ from Bank Statement on account of unreconciled items. How ever, the opening balance must be the same as appearing in the audited accounts of the previous period.
You must advise the client to change the opening.
You must advise the client to change the opening.
03 August 2009
While changing opening balance It should be confurm that the opening balance is agreed with reconciliation.
if there is another differance then you should find out reason of the differance and make appropriate rectification entry.
if there is another differance then you should find out reason of the differance and make appropriate rectification entry.
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