cessation of a liability - accounting treatment
This query is : Resolved
29 April 2009
sir, one of our clients, a PSU, has got a waiver of loan from the Govt of india, amounting to Rs.400 Crores. I need to know the accounting treatment and also the presentation of this in the final accounts. Can you suggest please
29 April 2009
U may credit Balance wriiten back and debit the liability A/c.
This Balance written back should be credited in "other incomes" in the group "Indirect Incomes"
This Balance written back should be credited in "other incomes" in the group "Indirect Incomes"
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