banner_ad

Rectification

IPCC 692 views 1 replies

Dear Friends,

Can you please clarify this doubt ?

A non Profit making organisation  has closed and got it's books of accounts audited for the year ended 31.03.2011.

During the year, the following errors were noticed :

The accountant  took the balance  as per bank Pass Book as on 31.03.2011 instead of balance as per Bank Book.

On scrutiny, it was found that there were certain expenses which were not at all entered  in the Bank Book of last year.

The accountant has started the Bank book as on 1st. April,2011 with the Audited Bank Balance which is the balance as per last year's Bank Pass Book.

How to correct the above mistakes this year and how should they be reflected in the accounts for the year ended 31.03.2012 ? How should the Bank Account as on 31.03.2012 be corrected ?

Thanks & Regards.

 

Replies (1)

As per my suggestion record the expenses with a heading prior period expenses in current year and reconcile the bank account.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

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

Karia Overseas

Ahmedabad

CA

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
04 May 2026
Articleship

S.K Gairola & CO

New Delhi

B.Com

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details