Bad debts written off
This query is : Resolved
CA K.Srividhya
(Querist)
09 May 2019
A person has taken over the business of another person which has long outstanding trade receivables. It is found that the amount cannot be realised any more. Now these trade receivables are to be written off as bad debts. Whether this bad debt can be adjusted against retained earnings? Kindly issue suggestions in the light of Accounting Standards.
Regards.
Regards.
Amol S Joglekar
(Expert)
07 June 2019
debit the bad debts to P & L A/c rather than retained earnings
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