in financial year 2011-12 closing balance of vendor was 12000/-
in financial year 2012-13 opening balance of the same vendor was by the mistake showed as 14000/- or 11000/-
what should i do in both the cases to get the correct balance
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Correct balance
Replies (2)
If the opeaning Balance for the FY 2012-13 is taken as 14000/- or 11000/- then your Opeaning B/S will not be tallying and there would be opeaning Balance Differences. So you need to enter correct opeaning balance in order to tally the op. B/S.
If you have made mistake in the opening balance of the vendor, then there has to be an error in some other account balance with the same amount or in multiple accounts equal to the error in the balance of vendor account.
So you will have to identify the other account /accounts anf then pass a journal entry in the books of account making adjusting the balance.
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