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Fixed asset booked two times same bill

A/c entries 321 views 4 replies
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CA Article
37 Points Posted on 25 October 2020

Sir

By overlooking  i accounted two times in company books same invoice related to fixed asset for FY 18-19 in Pvt Ltd company,  IT and  ROC return also filed.

how to rectified. can we rectified in FY 19-20. Please advice.

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On 25 October 2020 at 15:27 Report
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Accountant
3662 Points Posted on 25 October 2020
You can pass rectification entry on 01.04.2019

Party Account Dr.
Cr. Fixed Assets
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On 25 October 2020 at 15:57
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CA Article
37 Points Posted on 27 October 2020

Sir

Is any impact in audit report or company reputation.

 

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On 27 October 2020 at 16:54
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CA Article
37 Points Posted on 27 October 2020

Sir

Is any impact in audit report or company reputation.

 

Reply
On 27 October 2020 at 16:54
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Article
132 Points Posted on 31 October 2020
In case amount is material from Co's Point of view, You need to consult with auditors.

you have to follow the Ind As 8 Guidelines. which requirement adjustment to be made in Opening balance sheet in there any error in Prior Period and which is discovered in current Period
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On 31 October 2020 at 19:21


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