As a society Accountant, discovered an error in Reserves & Surplus opn balance FY2016-17 of 5L short, which affects closing bal. This is offset by Investment A/c of equal amount in asset side. Now since closing takes place in FY 2017-18, this error noticed, and need to know what action needs be taken ? Income tax return filed from income statemet which is somehow correct. Error only in audited balance-sheet 2016-17. Financial statements not yet filed in Registrar of Societies FY2016-17
What are the implications and what needs be done in FY 2017-18 closing.
Thanks n regards Alex G.
Read more at: https://www.caclubindia.com/forum/error-in-audited-balance-sheet-of-fy-2016-17-quot-res-amp-surplus-458691.asp
20 April 2018
Yes Mr Seetharaman, Assets FD undervalued by 5 lakh, Now I should do the first entry as you said and also do a second entry for FD in the same manner?
CAclubindia
