A company having a creditor XYZ his balance is 100000 Cr. from 2017-2018.But, when the company demand him his ledger statement the balance found as zero from 2017-18. He has already file is annual returns and audit too. I that case what is the co. XYZ need to done because company also furnished annual returns and audit too????
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Pending Creditors Balances
Replies (2)
Expenses off and pay income tax.
This is a fraud and take legal action. They cannot tally the bs when they have to pay money. They can do the following:
make accounting changes to that period.
Restate the following statements
Pay or get tax credits from the resulting change
Give your money back,
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