Difference in Opening Balance

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sachin Patni (Querist)
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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

Satish K Sekhar.ACCA

Satish K Sekhar.ACCA (Expert)
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16 June 2008 In this case your auditor has to take a call whether to go for a revised return or report the error in the subsequent financial statement as there would be major impact on your income tax liability depending upon the nature of the transaction.