Accounts

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gopal parvatikar (Querist)
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02 March 2012 sir,
already audited the balance sheet of a company same some enteries shown as a liabilites but actully they have paid the bill and shown in expenditure.
kindly inform me to how to rectify inform

2] already company have paid the tax of a particular period
if any correction is done it will how to reflect in balance sheet and p&l account

CA Urvish Sanghavi

CA Urvish Sanghavi (Expert)
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03 March 2012
Sir,
I think u need to ractify the Audit Report of the respective Financial Year OR
You can also ractify the same by making Prior Period Item of the Next Financial Year.

2) The answer to the Second Question is to Adjust the same as Prior Period Adjustment. E.G. If after payment of Self Assessment Tax, if a particular demand of the Income Tax Department arise, the same has to be reflected in the Profit and Loss. however whether it will affect the balance sheet or not i m not pretty sure.