deferred tax liability treated as deferred tax assets
This query is : Resolved
04 July 2008
In Last year balancesheet due to incorrect formula apply in excel sheet the deferred tax liability turns into deferred tax assets. the same has been audited and signed by the auditor. Can the same be rectify in this year by reversing the entry or to go with this in this year
please reply earlier.
please reply earlier.
04 July 2008
The mistake can now be rectified. The items appearing in the Balance Sheet give a State of Affairs as on date and these should be correct. So, it is advisable that the figures are revised accordingly.
04 July 2008
The effect of rectification will be there on your profit and loss account and it should be shown as prior period item.
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