Wrong entry in fy 12-13
This query is : Resolved
04 June 2014
actual entry
debtors 100000 dr
sales 90000 cr
vat 10000 cr
entry done
debtors 100000 dr
sales 85000 cr
vat 15000 cr
how shall i rectify the error in fy 13-14
since it is a proprietorship firm
should i debit vat & credit capital a/c
debtors 100000 dr
sales 90000 cr
vat 10000 cr
entry done
debtors 100000 dr
sales 85000 cr
vat 15000 cr
how shall i rectify the error in fy 13-14
since it is a proprietorship firm
should i debit vat & credit capital a/c
CMA Ramesh Krishnan
(Expert)
04 June 2014
Pass the following entry to rectify
Dr: VAT Rs.5000
Cr: Sales Rs.5000
Dr: VAT Rs.5000
Cr: Sales Rs.5000
05 June 2014
error was in last yr books
books have been audited
can i rectify the error in current year
books have been audited
can i rectify the error in current year
CMA Ramesh Krishnan
(Expert)
05 June 2014
yes. it can be as prior period items
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