Accounts

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Sasi (Querist)
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05 August 2013 Dear all,

Request to give solution to solve the below mentioned problem.

While taking raw-material closing stock as on July 2013, found about 15 MT excess stock lying in godown. While checking previous years details, came to understand that year end closing stock was shown less by mistake, thus effecting total accounts including profit. I am recently joined in a company at Dubai, and here we are preparing monthly balance sheet and sharing the profit between partners. Pl give solution to rectify the error, and to include the stock in opening balance. We are maintaining accounts in Tally 9

thanks
sasi

Kumar

Kumar (Expert)
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06 August 2013 If 15MT is not material for your company and year end accounts have already been signed, then you can just state the closing stock correctly.

If it is material then it is prior period item