I have a query friends!!!!!
The person(individual) has taken a loan.In the balance sheet liability side,the person is showing the loan amount.
From starting the accountant has done mistake by deducting whole amount(principal+interest portion).Now i have a question that can i take the benefit of deducting the interest portion in 3rd year including the amount of 1st and 2nd year which the previous accountant has wrongly deducted from the loan amount and adjusting the laon figure????
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Wrong entry!!!
Replies (3)
yes u can do that ....giving the restrospective effects to the loan amount........
thanks ankit!!!!
ur welcome dude ...
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