07-21-2011, 11:04 PM
There is a valuation difference of 2,300. Inform your senior about it. He will inquire the management about it.
If the 12,300 is above the materiality level, previous year's expenses and liabilities should be restated.
Adjusting entries
Dr last year's mobile expenses 12,300
Cr last year's current liabilities 12,300
Dr current year's restated liabilities 12,300
Cr current year's expense 12,300
If the 12,300 is above the materiality level, previous year's expenses and liabilities should be restated.
Adjusting entries
Dr last year's mobile expenses 12,300
Cr last year's current liabilities 12,300
Dr current year's restated liabilities 12,300
Cr current year's expense 12,300
