20 June 2013
Some creditors are outstanding in our books of accounts since very long time and now i came to know that these companies are shut down...so pls advise me what should be the accounting treatment of these creditor how can i adjust them.
in some decisions it sidecided that if the creditors related to capital assets then part of your capital receipts and not taxable. but creditors related to revenue items is taxable .
CAclubindia
