account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 May 2010
In customer account credit amount is showing for a longer period and that customer has not showing any claim for. can any one guide after what period we can transfer that amount to income a/c?
25 May 2010
it is 8 years though i am not very sure
26 May 2010
As per the section 2(j) and 3 of law of limitation, a person has to claim the dues within 3 years from the close of the financial year in which the last transaction is entered in the account after which the debtor is not liable to pay. Hence a company can write back such balances after 3 years. However, the company can adopt its own policy for the same which should satisy the legal requirements also.
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