Debtor balance
This query is : Resolved
08 June 2015
a party (debtor) balance has stand in my books of accounts since no. of years but that party now closed their firm and still balance stood in my books. now i want to remove that balance from my books . pls suggest me how it is possible and what will be the correct Accounting treatment.
08 June 2015
Debit Bad Account
Credit Party Account.
Prima facie, it looks like the debt is irreoverable so you can move it to bad debts.
Credit Party Account.
Prima facie, it looks like the debt is irreoverable so you can move it to bad debts.
08 June 2015
bad debts A/c
to Debtors a/c
to Debtors a/c
08 June 2015
agreed with above views.............
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