I have started working on a small company accounts and realised that previous years bank balance in balance sheet is entered wrongly by around £7000 lessthan actual may be because of wrong conversion rate. How can I adjust this this year where last years turnover is 50000
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depends
If £7k was material to the T&F view of the prior years accounts then you may need to do a PPA as your heading implies. DE is Dr/Cr bank Dr/Cr P&L forex.If not material then you may just wish to adjust it in this years accounts by a similar entry.