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.
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.
CAclubindia
