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Accounting treatment

Kumar (Accountant) (224 Points)

27 January 2015  
sir, i am preparing books of accounts for proprietors having small office. I would like to know the accounting treatment for the following translation 1. WHILE ENTERING OPENING BALANCES. I FOUND THAT OPENING BALANCE FOR PNB IS NOT ENTERED IN LAST YEAR BALANCE SHEET. THIS ACCOUNT HAS NOT BEEN TAKEN IN LAST YEAR. I HAVE TO TAKE THIS BANK IN CURRENT YEAR SO HOW TO TAKE OPENING BALANCE & HOW TO ADJUST THE OPENING BALANCE FOR PNB A/C [ACTUALLY THEY HAVE 2 BANK ACCOUNTS, ONE HAS TAKEN IN LAST YEAR BUT FORGET TO TAKE PNB A/C BECAUSE NOT MUCH TRANSACTION IN THAT] 2. DEPRECIATION ON FIXED ASSETS ARE NOT TAKEN IN LAST YER, SHOULD I CONTINUE THIS OR DEPRECIATE ASSETS IN THIS YEAR 3. THERE IS security deposit- TPDDL FOR NEW CONNECTION. SO IT WOULD BE EXP OR CURRENT ASSETS PLEASE CLARIFY THE ABOVE ENTRIES, THANKS IN ADVANCE

 4 Replies

CA Pankaj Kr Agrawal (@Helping Hand) (2138 Points)
Replied 29 January 2015

Which type of ITR form had filed in previous year .

Kumar (Accountant) (224 Points)
Replied 30 January 2015

I HAD FILED ITR-4 FORM IN LAST YEAR

CA Pankaj Kr Agrawal (@Helping Hand) (2138 Points)
Replied 30 January 2015

have you filed with book of accounts maintained or books of accounts not maintained ??

Kumar (Accountant) (224 Points)
Replied 31 January 2015

YES, BOOKS OF ACCOUNTS MAINTAINED

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