14 August 2010
One of my client wrongly charged the loss on sale of flat to profit & loss account ignoring advances received for sale of flat as a result of this a loss of Rs. 23 lacs has been booked.
But now this year the same has been rectified and because of this only a loss of Rs. 1.80 lacs is arrived.
My question is whether i should book a profit by passing entry (prior period item) or i may change the previous year audited figures by showing a loss of Rs. 1.80 Lacs.
CAclubindia
