Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Tally `

276 views 2 replies

Haritha

CA Articles

66 Points Posted on 09 January 2017

Dear Sir/Ma'am,

Good Day

1.I have purchased fixed assets in the year 2007 and 2008. I sold few in 2009.Likewise few purchases and sales had been taken place since 2007.

2.I started to maintain books of Accounts from 2013-14.I finished my data entry(i.e, Bank Statement) for the FY 2013-14,2014-15 & 2015-16 in a "continous tally".

Issue No-1.The issue is I did not enter any transactions mentioned in point 1, But I need those transactions in my books of accounts for the above three years (mentioned in point 2).

Issue No-2.I finished data entry in 2013-14,2014-15 & 2015-16. But whenever I enter any transactions in 2013-14 it is not showing in the opening balances.

Kindly help me with the Issues.

Replies (2)

Answer to issue no 1 - determine the value of fixed assets purchased in 07/08 , (depreciate in till march 2012 ending ) whatever the balance remains you have to show as follows - Debit the fixed assets and credit the capital a/c and start depreciating such assets from 2013 -14 but if you charge depreciation then your profit will change and it will not match to income tax return if you have filed. instead start showing balances from now.

Answer to issue no 2 - you have started accounting from 2013 hence it is not showing opening balances. for e.g you can check opening balances of year 2014. why it is reflecting because they are c/f from previous year 2013.