we have paid rs 6500 to one company throug making payorder from bank on 13-9-2011 tpwards insurence expenses. and the 2011-12 account is closed. but today 30-3-13 on found that the pay order which is made from bank is not cleared. i.e payment is not made to the party.
in previous year following entry is done .
DR: insruence expenses-6500
CR bank-6500
and the account is closed and the amount of insurence expenses is not carried forwarded.
Therefore now how to adjusted the account on 30-3-13?
hoping your reply please.
CAclubindia
