Adjustment of debtors - how?????????
Querist : Anonymous
The balance of Mr.R.K. ("DEBTOR") standing in my books is Rs. 75000/- for the last 6 years. Now I have received Rs. 235000/- from Mr.R.K. as final settlement. I have always done sales with him. He has given Rs. 160000/- more than outstanding.
I am not able to arrive at whether he has paid the right amount (i.e. we may not have recorded the sales)or is a mistake on his part. If we are not able to come into conclusion by the year end, what is the solution of the same?
Whether we can show such amount under the head "Creditors" or else we need to adjust it in Profit & Loss?
If we need to adjust it in P&L then under which head it should be done?
If the answer to the above question is under the head "Sales", then the problem is that we have submitted our Sales Tax Return to the government of previous figures.
PLEASE PROVIDE ME WITH THE SOLUTIONS & ALTERNATIVES.
You can write off the income in any next year or keep it standing in book for few year and write off in the installments
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