Quartely balance sheet

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 October 2014 my company is listed in stock exchane and its balance sheet is made on quarterly basis.,now my question is that cheque deposit in bank in september and also made entry of these cheque in my books of accounts and some cheque clear in october then Auditor ask to me that cheque cleared in october of september month should show in cheque in hand for cheque deposit in sep. and clear in oct. is it right method.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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11 October 2014 If the cheque is deposited already in bank and you have the challan copy then inform auditor is that already put for collection and the same will be reflect in Bank reconciliation statement.

If the cheques are not deposited and in hand the your auditor is correct

Querist : Anonymous

Querist : Anonymous (Querist)

11 October 2014 sir
for example about 25 cheque from 25th september to 30th septrember 2014 cleared in bank on 1ctober to 5th october then all cleared cheque in bank on ocober should show cheque in hand on 30th september. as per auditor advise. and entry remove from my bank account in tally, is it right method.

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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11 October 2014 If you are already deposited those 25 cheque in bank and has the bank challan. you can convince your auditor that cheques are not in hand already deposited,so not required to remove entry in books. incase all those 25 cheques in your hand then correct the entry as cheque in hand