Amounts Received Not Recorded Detected Later

[smraza]

Although the bank reconciliation was not prepared, but it was a reconciliation item, considering that the amount was deposited directly by the customer in bank account. So, the error was that the Bank Balance was erronously disclosed as receivable (Debtors). Simply Debit the bank and credit A/c receivable. It will not have any effect on Profit or loss.

Now in the financial statements simply reclassify the comparative figures of trade debts and Bank balances.