A School has benches and its transport vehicle worth together worth around 3lac. we had the bill agaisnt it . but it has never been disclosed in balancesheet by accountant neither the auditor said anything abt it .(around 4yrs back )
Now from this year i want to show in balance sheet can i show it if yes what entry shld i pass because its the misssing entry of 5yrs back.
Manish sir ,and the general fund will come under liability side of balance sheet right ....but this fund is not created out of cash/bank is it will to create such general fund account
is it ok to create general fund by passing such entries because we dont have general fund account .
CAclubindia
