Rental deposit
This query is : Resolved
04 April 2015
Dear Sir,
I have a small doubt. The firm, in which I am working, paid a rental deposit of Rs. 58,000/- on 11-2-14(P.Y. 2013-14). But forgot to show in books in that yr. Can we show that deposit in current year (i.e., P.Y. 2014-15) How to show it in current year Accounts???
Please reply
Thanks in advance
I have a small doubt. The firm, in which I am working, paid a rental deposit of Rs. 58,000/- on 11-2-14(P.Y. 2013-14). But forgot to show in books in that yr. Can we show that deposit in current year (i.e., P.Y. 2014-15) How to show it in current year Accounts???
Please reply
Thanks in advance
04 April 2015
It can only be shown as current year receipt.
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04 April 2015
Sir,
It is not a receipt. We paid the deposit to the landlord.
It is not a receipt. We paid the deposit to the landlord.
04 April 2015
From which account it is paid.
04 April 2015
If paid by cheque then you have to check the bank book for where the amount is debited, after finding the same you have to rectify the entry with passing corrections.
04 April 2015
We paid cash, but forgot to show it books of accounts of last year. Now can we show it current year books, by posting a payment entry on April 1st'2014???
04 April 2015
you can do the same. accordingly you have to inform your auditor also
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06 April 2015
Dear Anusha,
If your firm was an auditable assesse, then I'd agree with Mr.Ramesh Krishnan. Also specify in the narration the reason for the correction entry.
If your not liable to audit in the f.y.2013-14, then there'd be two options:
1.if return filed in time- revise return and show correct status.
2.if return not filed in time- go with adjustment entry.
If your firm was an auditable assesse, then I'd agree with Mr.Ramesh Krishnan. Also specify in the narration the reason for the correction entry.
If your not liable to audit in the f.y.2013-14, then there'd be two options:
1.if return filed in time- revise return and show correct status.
2.if return not filed in time- go with adjustment entry.
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