Accounting treatment of Bad Debt as per Ind AS
This query is : Resolved
14 July 2023
What is the treatment of trade receivable related to previous year confirmed not to be collected in current year i.e, bad debt as per Ind AS.? No provision is made in previous year for bad debt.
Weather it should be recognized as bad debt in current year profit and loss account or should prior period financial should be restated (reduce income of comparative year)?
Weather it should be recognized as bad debt in current year profit and loss account or should prior period financial should be restated (reduce income of comparative year)?
20 August 2023
As per me, If last year books are not signed and audited yet, we can create a provision for bad debits in last FY and deduct from the actual bad debts from the provisioned amount in the current FY
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