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Cash loans debtor vs creditor write off allowed

This query is : Resolved 
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(Querist)
22 April 2024 Sir,
Assessess cash loans different creditors each one rs:19,000/- * 5 different members total value rs:95,000/- cash loan to debtor rs:1 lacs show in ledger balance in books.
Creditors 5 members total value rs:95,000/- tranfer to cash loan debtor account account entry passed in books.
Question:
Above mentioned cr vs Dr balance write off account entry transaction allowed in it act.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
26 May 2024 Yes, can be allowed provided you have loan confirmation letters from each creditors.
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