Wrong cgst and sgst amount shown in balance sheet in 2021

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This discussion addresses an error where CGST and SGST amounts were incorrectly reported and filed in a March 2021 balance sheet, with CGST payable mistakenly shown as SGST payable and vice versa. The user is seeking guidance on the specific journal entries required to rectify this mistake. While one suggestion is to amend the balance sheet page directly, the core of the query is about the correct accounting entries for correction.

ARUN GUPTA

ARUN GUPTA (Querist)

27 October 2021 We have shown wrong cgst and sgst amount in March 2021 balance sheet and filed it. How to rectify this? Which journal entries needed to be passed. Please explain?

ARUN GUPTA

ARUN GUPTA (Querist)

27 October 2021 We have shown cgst payable amount as sgst payable and vice versa? How to rectify this error? What and how rectification entries are to be passed?

ARUN GUPTA

ARUN GUPTA (Querist)

28 October 2021 Pl clarify how to rectify this mistake ?

ARUN GUPTA

ARUN GUPTA (Querist)

29 October 2021 We have shown wrong cgst and sgst amount in March 2021 balance sheet and filed it. How to rectify this? Which journal entries needed to be passed. Please explain?

ARUN GUPTA

ARUN GUPTA (Querist)

29 October 2021 We have shown cgst payable amount as sgst payable and vice versa? How to rectify this error? What and how rectification entries are to be passed?

ARUN GUPTA

ARUN GUPTA (Querist)

31 October 2021 We have shown wrong cgst and sgst amount in March 2021 balance sheet and filed it. How to rectify this? Which journal entries needed to be passed. Please explain?

ARUN GUPTA

ARUN GUPTA (Querist)

31 October 2021 We have shown cgst payable amount as sgst payable and vice versa? How to rectify this error? What and how rectification entries are to be passed?

CA Raj Doshi

CA Raj Doshi (Expert)

02 November 2021 Just change that page of the balance sheet sir. In ITR only figures go. In Schedule 3 Financials, it is generally grouped as statutory dues payable. Tax Audit form has come only recently so that would not have been filed.

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