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Accounts creditors

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 March 2014 Mr.X is the creditors in abc ltd with Rs 650000, now Mr x goes away and not want to recover it. what is the treatment for abc ltd to setoff its creditors.

what is correct treatment?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
18 March 2014 You will transfer the same to profit and loss account. The same is taxed in income tax under sec 41 as remission of liability
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 March 2014 nikhil liability was stands in the b/s since 1.5 yrs. what should be the entry for this. and in which head
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