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    Mohit Liquors (Audit) : 1 Conducted by GHP & Associates (Baldevsingh & Minaal)

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    Komal Talreja
    This document outlines 17 points regarding discrepancies found during an audit of Mohit Liquors. It notes issues such as unpresented receipts for advertisement and insurance expenses, incorrect TDS calculations for certain individuals, unrecorded salary expenses for a salesman, missing vouchers for various expense accounts, and large amounts recorded as stock that seem unrelated to the company's ordinary business operations. Explanations are requested for discrepancies in various expense and inventory accounts, and clarification is sought on differences between certain expense accounts.

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    Mohit Liquors (Audit) : 1 Conducted by GHP & Associates (Baldevsingh & Minaal)

    Uploaded by

    Komal Talreja
    35 views3 pages
    This document outlines 17 points regarding discrepancies found during an audit of Mohit Liquors. It notes issues such as unpresented receipts for advertisement and insurance expenses, incorrect TDS calculations for certain individuals, unrecorded salary expenses for a salesman, missing vouchers for various expense accounts, and large amounts recorded as stock that seem unrelated to the company's ordinary business operations. Explanations are requested for discrepancies in various expense and inventory accounts, and clarification is sought on differences between certain expense accounts.

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    This document outlines 17 points regarding discrepancies found during an audit of Mohit Liquors. It notes issues such as unpresented receipts for advertisement and insurance expenses, incorrect TDS calculations for certain individuals, unrecorded salary expenses for a salesman, missing vouchers for various expense accounts, and large amounts recorded as stock that seem unrelated to the company's ordinary business operations. Explanations are requested for discrepancies in various expense and inventory accounts, and clarification is sought on differences between certain expense accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    35 views3 pages

    Mohit Liquors (Audit) : 1 Conducted by GHP & Associates (Baldevsingh & Minaal)

    Uploaded by

    Komal Talreja
    This document outlines 17 points regarding discrepancies found during an audit of Mohit Liquors. It notes issues such as unpresented receipts for advertisement and insurance expenses, incorrect TDS calculations for certain individuals, unrecorded salary expenses for a salesman, missing vouchers for various expense accounts, and large amounts recorded as stock that seem unrelated to the company's ordinary business operations. Explanations are requested for discrepancies in various expense and inventory accounts, and clarification is sought on differences between certain expense accounts.

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    MOHIT LIQUORS (AUDIT)

    1) Receipt of advertisement expenses incurred not presented.


    _____________________________________________________________
    2) Insurance expenses are not apportioned, Secondly few
    receipts not presented.
    _____________________________________________________________
    3) Interest on late payment of TDS to be traf. to Misc. exp.
    _____________________________________________________________
    4) Explanation required of TDS calculation of Vijay Sedana &
    Mahesh Chabria, Since TDS has been deducted at higher
    rates (ie 10% of commission) as per observation but
    however it should be deducted u/s 192 by computing.
    _____________________________________________________________
    _____________________________________________________________
    5) Anil Karrira being the salesman in Mohit Liquor (as per
    observation) but no salary,commission or profit in lieu of
    salary is being reflected in Books of Accounts.
    _____________________________________________________________
    _____________________________________________________________
    6) Electricity expenses of period (14/10/14 14/11/14) not
    provided in Books of Accounts.
    _____________________________________________________________
    7) Franking of Rs. 120000/- entered twice in year but for what??
    Explanation and slip for the same required.
    _____________________________________________________________
    8) Franking fees paid amounting Rs.2490/- (3 receipts)
    available but not recorded in Books of Accounts.
    _____________________________________________________________

    1 CONDUCTED BY GHP & ASSOCIATES (BALDEVSINGH & MINAAL)

    MOHIT LIQUORS (AUDIT)


    9) Bills for fees paid to CKH & Associates amounting Rs.6934/& SC Mamalankar amounting Rs.6700/_____________________________________________________________
    10) Bills/Slips of Grocery market amounting Rs. 98749 for June
    2014 & Rs.101668/- for August 2014 not provided in Books
    of accounts.
    _____________________________________________________________
    11) Legal Fees payable (ledger ) doesnt give a clear picture, To
    know exact how much is outstanding till date? If only 20000/as per the provision of AY 2015-16 then remaining should be
    reversed.
    _____________________________________________________________
    12) Vouchers of Motor car expenses need to be shown since if
    paid to 1 person TDS u/s 194C attracts & if paid to multiple
    service providers then to be proved.
    _____________________________________________________________
    13) Purchase from Reema Agency considered as Sales
    promotion amounting 3254994/-, however question arises
    that how sales can be promoted by giving cosmetics
    products with country liquor.
    Also it is noted that new year is peak business season in
    which sales promotion expenses need not to be incurred.
    Generally Sales promotion needed to incurred in month of
    March which is generally off season
    _____________________________________________________________
    _____________________________________________________________
    _____________________________________________________________
    14) Rs.1445109/- treated as stock in Sales Promotion. How
    come huge stocking is done of stock items which are not
    traded in ordinary course of business?
    _____________________________________________________________
    2 CONDUCTED BY GHP & ASSOCIATES (BALDEVSINGH & MINAAL)

    MOHIT LIQUORS (AUDIT)

    15) TCS dues & TCS should be combined to one ledger similarly
    for Tds.
    _____________________________________________________________
    16) What is difference between Vehicle expenses and motor car
    expenses?? If vehicle expenses are expenses on transport
    vehicles how they are not incurred by transporter and
    incurred by Mohit Liquor?? Explanation required.
    _____________________________________________________________
    17)

    3 CONDUCTED BY GHP & ASSOCIATES (BALDEVSINGH & MINAAL)

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