Bad debts

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Shaik Fazal (Querist)
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07 December 2017 When the bad debts are recovered, the seller enters the journal entry as Cash a/c dr
To Bad debts Recr
My question is what will the buyer enter in his books of accounts for the above situation. Please tell with explanation.

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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09 December 2017 Buyer will record Creditor Dr To Cash/Bank

Shaik Fazal

Shaik Fazal (Querist)
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09 December 2017 What will the buyer record if the creditor is closed in the previous year and he pays the amount in the next year

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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09 December 2017 It will be transferred to expenses because when you had removed the creditors from your books at that time you had booked it as income

Shaik Fazal

Shaik Fazal (Querist)
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09 December 2017 Thanks. Nice explanation

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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09 December 2017 Most Welcome Shaik Ji

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