Bad debts wriien Off

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This discussion clarifies the criteria for writing off bad debts in accounting. Specifically, debts must be over three years old, and all recovery efforts must have been unsuccessful. Once these conditions are met, a journal entry can be posted to reflect the write-off in the company's accounts.

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(Querist)
27 August 2023 Dear Experts,


Kindly let me know What is the Criteria or Procedure to be satisfied while posting Bad debts wriiten Off entry in Books of Accounts?

Thanks in Advance
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
28 August 2023 It should be more than 3 years old and efforts taken for recovery not successful.
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M.Ramkumar

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M.Ramkumar (Querist)
28 August 2023 Thank you Sir. So as per company's Act we should estimate these 2 conditions and pass the journal entry at present ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
28 August 2023 Yes you are right..
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