Accounts creditors

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
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?
Profile Image

Nikhil Kaushik

Profile Image

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
Avatar

Querist : Anonymous

Profile Image
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member N.ChandrasekaranN.ChandrasekaranPro Member Vignesh KillurVignesh KillurPro Member Kamaljeet KaurKamaljeet KaurPro Member SUBHASH SAHASUBHASH SAHAPro Member kambamcr@gmail.comkambamcr@gmail.com
Subscribe to Pro
Join an elite circle of professionals



Answer Query



Quick Links



Browse by Category