Dear friends
There is an error which occured in fy 16-17 of credit card expense the entry should have
marketing exp a/c dr xxx
to credi card icici xxx
but due to incomplete information the entry someone did in 16-17 is
suspense a/c dr xxx
to credi card expense xxx
due to above entry it showing opening balance by Rs xxx now in the fy 17-18. I located the error and make the entry by reversing suspense i.e
marketing expens a/c xxx
to suspense a/c xxx
there is two question arises
is my entry is correct or wrong ?
and one of my colleague telling me that this is the part of P/L account so it shound not be carried forward in fy 17-18 as opening balance as far as i know it will hit in balance sheet in fy 16-17 in asset side of balnce sheet . plese rectify me