I have one doubt , see
A/C no 1 is Current A/c :
A/c no. 2 is OD A/c : ok
Bank people taken the interest on loan from 1 to 2 ,after that they reversed the same. But they showed only in current A/c and no entry in OD A/c.
When I joined I noticed it everyone but nobody cares it. At last I explained it to one retired Bank Manager. After rectification he found , it's bank's mistake. and its loss to bank .i.e around 12 lakhs.
The Co. did the same thing like bank people while passing the entries in Tally .They passed the receipt entry i.e interst on loan to 1.to Acually we should pass A/C 2 to 1 right ?
Is it wrong ? What entries should I pass ? If I correct that entry I can't reconcile the bank statement.
If they did the mistake why we should do the mistake ?
With regards
Geetha
CAclubindia
