50000 opening balance 1/4/19 actual opening balance is 80000 paid by cheq 80000 1/6/19 balance is shown 30000 excess payment what adjustment we do ?
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Quick Summary
This discussion addresses a £30,000 discrepancy in a sundry creditor's opening balance. The initial balance was £50,000 but the actual balance was £80,000, leading to an apparent excess payment. The suggested resolution involves identifying the cause, potentially a missed purchase bill from the previous year, and adjusting the accounts accordingly by showing the bill as a prior period expense.