Balance sheet rectification

Others 201 views 1 replies

Samir Choudhary

28 Points Joined April 2017

I am a salaried individual. Though I dont need to prepare Balance Sheet I am doing so to learn things and to keep track. In last year I forgot to mention some of my LIC investment (ULIP scheme) in my balance sheet. Can you please tell me how to rectify this mistake in this year balance sheet.

Thanks & Regards,

Samir

Replies (1)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

197276 Points Joined July 2016

If you maintain accounts, all such items are generally gets posted, may be in different ledger. But directly preparing BS is not correct practise. You can either rectify your personal expenses or increase capital account, as of now.