Wrong accounting of income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 February 2013
Hello,
I have done 2 mistakes in 2011-12 accounting.
1) Bonus which was already paid in 2010-11, I have pass entry in 2011-12 also.
2)Bonus was Income but wrongly have shown as expense.
How to rectify in 2012-13 financial?
please help.
Thanks
I have done 2 mistakes in 2011-12 accounting.
1) Bonus which was already paid in 2010-11, I have pass entry in 2011-12 also.
2)Bonus was Income but wrongly have shown as expense.
How to rectify in 2012-13 financial?
please help.
Thanks
06 February 2013
Dear Sir,
Firstly you have paid Bonus and you make the bank effect in 11-12.
you would made the follwoing entry on receiving the bonus.
bank a/c dr.
to bonus
but by mistakes it is grouped under the head of indirect expencess.
means your expecess came less due to this credit entry.
means to say there is no need to make adjustment. by default every thing is going in right way.
Firstly you have paid Bonus and you make the bank effect in 11-12.
you would made the follwoing entry on receiving the bonus.
bank a/c dr.
to bonus
but by mistakes it is grouped under the head of indirect expencess.
means your expecess came less due to this credit entry.
means to say there is no need to make adjustment. by default every thing is going in right way.
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