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Fixed asset booked two times same bill


ca1419$ (CA Article)     25 October 2020

ca1419$
CA Article 
 25 points

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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.

JATINDER KUMAR (Accountant)     25 October 2020

JATINDER KUMAR
Accountant 
 172 likes  2416 points

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You can pass rectification entry on 01.04.2019

Party Account Dr.
Cr. Fixed Assets

ca1419$ (CA Article)     27 October 2020

ca1419$
CA Article 
 25 points

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Sir

Is any impact in audit report or company reputation.

 

ca1419$ (CA Article)     27 October 2020

ca1419$
CA Article 
 25 points

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Sir

Is any impact in audit report or company reputation.

 

Ravi Duseja (Article)     31 October 2020

Ravi Duseja
Article 
 5 likes  132 points

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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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