RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 08 January 2024
| Originally posted by : Jayanta Bandyopadhyay | ||
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Sir Wrongly charged to P & L from bank book in 2020. Regularisation in 2024 Pl guide vis a vis AS. PRIOR PERIOD ADJ AND TAX AUDIT |
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Bro,
Please give that wrong entry posted in 2020.
Please give the actual voucher entry here
Jayanta Bandyopadhyay
(310 Points)
Replied 08 January 2024
Export exp Dr
To Bank
P & L Dr
To Export exp
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 08 January 2024
Dr. Expense
Cr. Bank
(Wrong entry)
So correct it
Dr. Prepaid customs
Cr. Bank
(Correct entry)
Then create a provision
Dr. Provision expense
Cr. Provision liability
When you won the appeal reverse it.
Then add it to asset
Dr. Asset
Cr. Prepaid customs
Check if you can change it on your system. I think you have audited them and hence the problem.
If you have lost the appeal
Dr. Provision liability
Cr. Repaid customs
Jayanta Bandyopadhyay
(310 Points)
Replied 08 January 2024
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 08 January 2024
My entries don't disturb bank. Use prior period changes standard and I think it could fall under retrospective changes. Make clear narrations.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 08 January 2024
| Originally posted by : Jayanta Bandyopadhyay | ||
|
Export exp Dr To Bank P & L Dr To Export exp |
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Well...
Now, You will collect two amounts like Deposit amount and Appeal amount... Right...??
CAclubindia
