banner_ad

Payable - better strategy to deal

526 views 2 replies
Suppose in a balance sheet u see Rs. 560 as incentive payables standing in liability side but you cant trace it down and you want your audit report to be clean so how would you probably adjust the same. Explain with entry.
Replies (2)

Dear,

There are multiple ways to settle the aforesaid transaction, in the presence of ambiguities in your query.

 

1- Try to figure out whether the same is not due to some transposition error.
2- If the same is actually payable then pay the same to extinguish the outstanding.
3- Inspite of due diligence, if the same can not be ascertained then reduce the relevant account by a reversal entry.
4- Offset the liability by reducing the other head on the grounds that the same was wrongly recorded in that head.
5- Reduce the Incentive account by the similar amount hence expenditure will be reconciled with the payment.

 

Still there are other ways to settle the similitude transactions.

 

Best Regards,
Desperado

hey thanks desperado :)


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
06 May 2026
Account Assistant / Article Clerk

V.K. Ranjan & Co(Chartered Accountants)

New Delhi

B.Com

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
02 May 2026
Experience Audit Manager

AGGARWAL SAMIR & CO

New Delhi

CA Inter

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details