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The repercussions around missing a journal entry on financial statements depend mostly on what is at stake as a result of the missed entry. However, in the event of a missed entry being discovered, it is important that the financial statements are retracted and republished once the error has been amended.
After finalization of financial statement of the company it should be audited and finalised. There is no missing in journal entry because all entries before passed after that finalized . ,if you had missing the journal entry the impact variation in profit .
Since the financial statements should reflect a true and fair view of the state of affairs of a company at a particular date , it is therefore imperative that all the transactions should get reflected in the books of accounts. Anything missed out can cause an understatement or overstatement of expenses, income, assets or liabilities and may therefore affect the truthfulness of the financials. Unless the item is immaterial in nature the financials must be restated.
When a missing Journal entry in financial statement,the Management can n't get proper and orginal Financial reports.Either Profit or loss in given statement its must be wrong it affected Management view and investorview and creditabity of the Company
It will effect the statement of accounts if you miss for posting the jounral entry. It will effect the balance on the Trail balance and it will trouble you to get the proper amount missing and u have to make reconsilation of the amount missing and who have to feed or adjust the entry with the proper amount to get the balance of account correct.
