I have a question.If a firm accountant forget to update some payment details in balance sheet of the firm and the audit was done with these missing entries.so what the solution to correct this.i.e. (a person paid the ammount for goods in bank account.and the time of book keeping we forget to update their payment details and shows him as a debtors for next financial year)then how can we correct these errors.
2 Replies
CA Amrita Chattopadhyay
(Audit & Assurance)
(13459 Points)
Replied 02 April 2018
Back dated entries are generally not permitted if the books of accounts are closed. If BRS was prepared and these entries were omitted but shown in the BRS, they can be adjusted later on by passing subsequent entries. However, the reason has to be explained.
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