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Difference in trial balance
the trial balance shows difference and the firm is not audited before. is there any way to make the financial statements with a separate trial? The opening data is not available.
Replies (7)
If the Trial Balance - Shows a difference - Prepare a new one
Whether Audited or not - Makes no difference to TB
Opening Balances - Not available - Why ..? (TB bound to be erratic if proper figures like op, bal etc. not fed)
only opening balances for stock and bank is found in tally and the trial balance difference is equal to that amount. Previous year data was in old software and is not recoverable. is there any way we can adjust the difference for the purpose of tax audit
Go for the Presumptive scheme
No requirement for maintenance of books u/s 44AA
Else try to gather data filed with any other authority like ROC etc.
we r having turnover of 1.3 cr and we will have to pay tax of 3 lacs under presumptive scheme. Currently we r on loss
Any difference in opening TB..can be adjusted to Capital.(Bank, Investment and other thing can be verified from Third party statement)
I'm having more items in debit side so shall I adjust the difference by crediting capital account? what. should be the entry?
prepare opening balance sheet with available data and 3rd party ledgers.
difference between debit and credit small be opening capital balance.
difference between debit and credit small be opening capital balance.
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