Forget to pass commission receivable entry what next???

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forgotten to pass commission receiveable entry in books of account during closing of FY 2014-15 , commisson received in bank account too in the month of april 2015  and it return has also filed. Now while prepareing for IT return for FY 2015-16 it came to notice 

how to deal with it in books of account??

pls reply it's urgent

Thanks in advance

Replies (6)

Which accounting system you follow: Cash or Mercantile?

mercantile

As per law you have to revise return of ass. year 2015-16.

If amount is small and tax liability do not differ much, can credit it (as mistake) in FY 2015-16

DEAR SIR 

YOU CAN  DO ENTRY AS UDNER 

DR -BANK (BANK)

CR- COMMISSION RECIEVED (DIRECT  INCOME)

NOTE: KINDLY CHECK YOUR  26 AS FORM AND YOUR CLIENT STATEMENT BEFORE THIS ENTRY.

GOOD LUCK

 

Do not require to revise., as per AS 5, prior period items can be adjusted and accounted and disclosed properly in current year. so pass the entry in current year. off course check the 26 as too

You have to show that commission income as Prior Period Income in P/L and offer for tax in the current year. In practice PP Expenses are disallowed but PP Incomes are considered.

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