Missed to enter sales return last year
This query is : Resolved
27 February 2017
Dear Experts,
One of my Accountant friend had missed to make an entry of Sales return in the books of accounts in FY 2015-16 hence income tax was paid on that Sales return value also. Goods were returned last year only. Can the entry of Goods return be made this FY 2016-17 as it was missed to be entered last year or should it be shown as bad debts? Your early reply will be highly appreciated
28 February 2017
You the show the item as prior period adjustment in the books. Kindly refer to AS - 5 for the purpose
You the show the item as prior period adjustment in the books. Kindly refer to AS - 5 for the purpose
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28 February 2017
Thank you for good reply. Can it be shown as Goods returned in current year? Also prior period item should appear separately in profit and loss account or can we club it with current year? Is it required to be mentioned separately in the audit report?
28 February 2017
Kindly go through Accounting Standard - 5 for all your queries. Prior period items can be shown but separate disclosure and impact on the financial statement is required.
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