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Difference in Opening Balance

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(Querist)
16 June 2008 THERE IS Majore difference in Opening Balance between Party & Company Ledger for the F.Y.2007-08 Like :-

In Party Account :- Our Balance is DR. 47,000/- Somthing

In Company Account :- Party Balance is CR. 4,00,000/- Something.

The Problem is we submitted our Income tax return for the A.Y.07-08 [F.Y.06-07]

Now what should We do for matching the Balance
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pushpendra

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pushpendra (Expert)
17 June 2008 First made the reconciliation statement of know the reason for the diff. and then it wil be prior period item.

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