Journal entry for rectification of error
This query is : Resolved
09 March 2015
" In the current year(2014-15) we found that credit purchase of 2012-13 is overvalued by rs. 10800 and payment for the same was made.
The ledger of the party was closed during 2013-14.
now we have received back Rs. 10800 from the same party through the cheque."
The problem is that , how we can pass journal entry for rectification of error ??
The ledger of the party was closed during 2013-14.
now we have received back Rs. 10800 from the same party through the cheque."
The problem is that , how we can pass journal entry for rectification of error ??
09 March 2015
Sundry creditors(party ac) dr
To purchase ac
To purchase ac
10 March 2015
Thanks Mr. Seetharaman .
10 March 2015
The error is last year, can we rectify it for reducing current years purchase ?
10 March 2015
If the amount is material you can account it under prior period transactions.
11 March 2015
Thanks for guidance, this is very helpful for me.
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