Skip to Content
0
Former Member
Mar 04, 2013 at 12:08 PM

Difference Between Audit Report And Balance Sheet

321 Views

Hi

There is difference between stock audit report & Balance sheet due to below scenario

Sales a/c maintained in Revenue drawer(COA)

This account always will not display in records of stock audit report where it doesn't have stock transaction.But by mistake in Warehouse GL mapping in Sales return-Sales a/c is mapped wrongly(instead of Inventory a/c) and some sales return transactions is posted.

Ex: Sales return from X customer

Item Qty unit price Total

Fabric 10 pcs Rs.100 each 1000.00

Now JE posted as below

Sales a/c Dr 1000

Cost of goods sold a/c Cr 1000

So how to rectify this issue by posting adjustment entry or etc solution,Balance in Sales a/c display through stock audit report should come to Zero value.

Please suggest.

Regards

M Om Sankeerth