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AMOUNT INTERCHANGE IN BALANCE SHEET

19 January 2023

Hello Everyone ,

Last year , in balance sheet (asset side), amount interchange between Cash Balance & Bank Balance ..
Audit & Income tax filling already complete.. please suggest what do I do Now ?

Thanks in advance ....

Amount In books

cash = Rs.17652 (actual)
bank= Rs. 33980.09(actual)
By MIstake
cash = Rs.33980.09 ( by mistake)
bank= Rs. 17652 (by mistake)

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9 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14183 Points)
Replied 19 January 2023

1) What is status ?, is it sole proprietor , partnership Firm , Pvt Ltd or Ltd company or LLP or please clarify

2) This above mistake look like Impossible , because one has to do Bank reconciliation on 31st March , before finalization of books of accounts and also Audit is applicable for Bank reconciliation , more clarification is needed about the mistake

3) Before finalization one has to do physical verification of Cash balance on 31st March , by an Accountant and subsequently Auditor , so please clarify .

Rahul Bose (32 Points)
Replied 19 January 2023

It is a Partnership firm (LLP)
our books of accounts maintain in TALLY ERP 9 where cash balance and bank balance completely match with actual balance .. the mistake was made when they prepare B/S & P/L in MS_EXCEL .

Rahul Bose (32 Points)
Replied 19 January 2023

prasad Nilugal ( GST Practitioner & Accounts ) (14183 Points)
Replied 19 January 2023

What about carried forward balances of Cash and Bank on 1 St of April is it correct or wrong ?.

Rahul Bose (32 Points)
Replied 19 January 2023

They don't split their accounts in tally. opening balance of both ledger 100% correct..
Mistake made on excel and wrong amount upload in income tax..

prasad Nilugal ( GST Practitioner & Accounts ) (14183 Points)
Replied 19 January 2023

You mean to say you made mistak in Income return?.

Rahul Bose (32 Points)
Replied 19 January 2023

yes sir . mistake made on income tax return.

prasad Nilugal ( GST Practitioner & Accounts ) (14183 Points)
Replied 19 January 2023

Check weather you Can file revise return under section 139(5) of the income tax Act or not , refer section 139(5) because time limit to file revise return has been reduced also confirm with your firm CA .