Last Year Balance Sheet Corrections

This query is : Resolved

CA Akhilesh Kumar Kandpal (Querist)
Follow

27 July 2017 While finalising this year's balance sheet I found that there are some discrepancies on last year's balance sheet....for example loan has been shown as trade payable.....and previous auditor failed to point out that and approved the balance sheet....now when I am preparing this year's balance sheet , then how should I show that amount in last year's column.....should I show it as shown in audited balance sheet or should I show it at right place?

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
Follow

27 July 2017 Last year figures show as per audoted Balance Sheet & C.Y. figures at right place.

RAJA P M

RAJA P M (Expert)
Follow

27 July 2017 Dear CA Akhilesh Kumar Kandpal Sir., Above said view the balances can't differents. So, You can adjust to its exact head of accounts. It's no more effects. Just create 2nd Ledger then pass a journal....

Upgrade to CAclubindia Pro. Subscribe Now!

Anand

Anand (Expert)
Follow

27 July 2017 Show last year's figures at the correct place and mention in a note that previous years figures have been recast to show them under appropriate head.

Message likes : 1 times