Out standing dues of memebs

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2018 Sir,

Societies accounts are audited. Inadvertently Out standing Interest of Last quarter of the financial year (Jan-March) was not included in the closing balance of Out standing Dues in Balance sheet.

Bills for current financial year are issued with correct out standing balances.

Now while preparing Balance sheet there is difference of amount equal to the interest for the period Jan- March of previous year.

In such situation how to correct the mistake?

Regards
ANGS

ND (Expert)
Follow

01 May 2018 In the current year, please add this amount to the Outstanding Dues Closing balance in the Balance Sheet and in the P & L account show this amount as prior period expense. Also give a note explaining this point in the Notes to account.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2018 Thank you sir,
But what about Bill Amount of Jan-March 2018 and April-June 2018 ( Bills are issued quarterly) ? will it change? Since Bills show correct out standing Balance as of today.
Regards

Upgrade to CAclubindia Pro. Subscribe Now!