Accounting treatment
Querist : Anonymous
Please solve the query-
A purchased a machine in Jan.2010 for Rs. 1100000/- for which he paid Rs. 1000000/- at the time of purchase and rest amount was to be paid after 180 days successfully running of machine. The machine could not run well even for 100 days and A had to spend huge amount on repairs in april 2010. He did not pay the seller the remaining amount of Rs. 100000/- for which the seller could agree only upto may 2011. The due amount was shown in balance sheets of 2009-10 and 2010-11 as payable.
Now,in 2011-12, A wants to delete that entry. What should be the proper treatment . Please suggest.
Thanks
Creditor A/c Dr
To Plant & Machinery
Creditor's balance will be written off and the carrying amount of Plant & Machinery shall be reduced.
Querist : Anonymous
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