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Itr5 error


Jyoti Narang (Kkk)     08 January 2021

Jyoti Narang
Kkk 
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if last year itr5 is filled with wrong closing stock as stock in balance sheet entered is 158000 and in p&l is 85000.then how to do audit this year with opening stock of 158000 or 85000.or not to do audit.and no audit was done last year.

Sourav

Sourav (Student)     08 January 2021

Sourav
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If there is no audit done previous year then there is no required to audit this year if conditions are fulfilled

in this case which one value is correct?

Jyoti Narang

Jyoti Narang (Kkk)     08 January 2021

Jyoti Narang
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158000 is correct value.no audit is done last year.but audit is applicable last year as well as this year.but no audit is done last year.

Sourav

Sourav (Student)     08 January 2021

Sourav
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In case audit is applicable then audit should be done this year and the error in closing stock should be valued as prior period adjustment you have to adjust 73000 rupees this year. 158000 rupees should be shown as opening stock in trading account

Kapadia Pravin

Kapadia Pravin   08 January 2021

Kapadia Pravin

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There is a lapse in last year as you didn't do audit. For current year, certainly audited figures will be brought forward as opening balances.

Jyoti Narang

Jyoti Narang (Kkk)     08 January 2021

Jyoti Narang
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In itr5 is there any column for prior period items and of yes plz tell that point.thanks in advance

Kapadia Pravin

Kapadia Pravin   08 January 2021

Kapadia Pravin

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In audited accounts, it will be apparent of Prior period items. However inventory has direct impact on Profit figure. So it's a worry for last year.

Sourav

Sourav (Student)     08 January 2021

Sourav
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I think you should put the value in quantitative details where excess/shortage value of stock are required

Jyoti Narang

Jyoti Narang (Kkk)     08 January 2021

Jyoti Narang
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But how to resolve this issue for this year as it was a mistake by another CA.and if it is shown in prior period item then it will impact current year profit as well.and client is ready to bear the increased tax liability.any other issue arise for current auditor due to this

Kapadia Pravin

Kapadia Pravin   08 January 2021

Kapadia Pravin

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Let your CA resolve it.


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