HELP OUT PRACTICAL QUERY

 

HI

PLS RESOLVE THIS ISSUE PRACTICALLY HAPPENED.

A CAR WAS PURCHASED IN 2007 SEPTEBER 2007 FOR 8LACS.AT THAT TIME CASH PAYMENT MADE FOR 2.5 LACS AND REMAINING 5.5 LACS MET FROM FINANCE.BUT THIS WAS TREATED IN ACCOUNTS AS TOTAL VALUE OF THE ASSET AS 6.00LACS 2.5 LACS THROUGH CASH AND 3.5 LACS FROM FINANCE DUE TO NON AVAILABILITY OF THE INVOICE.AND DUE TO CHANGE OF ACCOUNTANT NEW ACCOUNTANT TOOK A WRONG VALUE FOR THE CAR.RECENTLY THE INVOICE FOUND FOR 8.00 LACS.THE BALANCES RUNNING AT 2.00 LACS SHORT.

PLS TELL ME HOW IT CAN BE DEALT IN THE CURRENT FINANCIAL YEAR? CAN WE RECTIFY THE MISTAKE IN THE CURRENT YEAR?

Replies (3)

hey if car balance was carried short by two lacs, then finance dues also should have been carried forward short by two lacs.

now debit car a/c by two lacs and give the correspondent credit to finance compnay from which finance has been taken.

but am afraid, since september 2007 how u carried credit balance of finance company short by two lacs??? no communication has been made with them?

 

dat answer is upto my knowledge...

and calculate depreciation from the begining i.e., sep 2007 for 8 lacs.now the claim the short claimed depreciation

i agree with Mr. Trinath answer

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details
Company
ARTICLESHIP 08 October 2026
ARTICLE TRAINEE

S.B.G. & CO. CHARTERED ACCOUNTANTS

New Delhi

CA Inter

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
19 September 2026
CA/Semi-CA/BCom

Pravin Sarvaiya

Mumbai

CA Inter

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details
Company
17 September 2026
Chartered Accountant

Dass Gupta & Associates

Gurgaon

CA

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details