banner_ad

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


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details