A public limited company incorproated in the year 1983 has become defunct. There is no manufacturing activities. There is no income. There are no employees in the company. Every year the company is drawing / adopting the Annual Accounts and obtain approval of Members. The returns with ROC and IT are being filed regularly without any default.

Under Sundry Debtors there are five parties from whom the company has to receive payment to the extent of Rs.1.50 lacs. This amount can never be recovered. There are also some advances given by the company and the possibility of recovering the same is remote.

Under Sundry Creditors there are two parties to whom the company owes Rs.1.26 lacs. There is no claim from these creditors and the company is not going to make this payment.

Is it mandatory to write off / write back the above amounts in the books of accounts. Which Accounting Standard stipulates such write off / write back.

What will be consequences on the company under the income tax law for writing off / writing back such amounts.

Kindly advise

with regards

Muralidharan

1.A client had purchased a fixed asset in 2005, but the supplier didn't turn up to collect his cheque.The amount is outstanding till date and depreciation has been charged till date.There is no possibility of the supplier turning up.What should be done in such case?
2.What is the treatment if fixed asset is recorded twice and depreciation has been claimed on both these assets.What entry needs to be passed to rectify the account?

Hi!
I am Hitesh Vaghasiya from Surat(Gujarat)

I want to establish a educational instittute for academic, professional and vocational courses with ISO Certification.

seeking for a proper & favorable response

Regards

Hitesh Vaghasiya

Whether is it compulsory to file tds return if the assessee has taken TAN No.?

HI All
Please can you tell me.
1.What is TDS ?
2.how many times are TDS returns filed? In both case company and individual?
3.how many times are TDS challan paid? In both case company and individual & HUF?
4.TDS Return Form No
5.TDS challan form No
6. what is critera for tds
I want to get all information related to tds . If possible Please help me

Monia

plz tell deprecition rates for the followings

air conditioner
generator
fax machine

what is the current rate of minimum stipend payable to an article in Delhi, who has completed PE 2?

I want to promote an educational institute for professional courses in the state of Karnataka at Bangalore. My question is wheteher it is compulsory to form a trust to get registration under Karnataka Educational Act, 1983. Please explain me the formalities about this.

can any one please provide me may 2007 PCC questions

TDS ON CAR PARKING SPACE, WHICH SECTION. PL LET US KNOW WHICH SECTION WILL BE ATTRACTED.