Debtor more than 3years?
This query is : Resolved
08 September 2011
hi,
There is a client having debtor by name (say Raju) since more than 3 years and during audit,the auditor has sent a letter to the said debtor and the same is confirmed by him.
a) In the given case can auditor still show the amount as debtors in the B/S irrespective of the fact that the balance is confirmed by the debtor?(because the amount is due for > 3years and governed by limitation Act)
There is a client having debtor by name (say Raju) since more than 3 years and during audit,the auditor has sent a letter to the said debtor and the same is confirmed by him.
a) In the given case can auditor still show the amount as debtors in the B/S irrespective of the fact that the balance is confirmed by the debtor?(because the amount is due for > 3years and governed by limitation Act)
08 September 2011
Limitation act will come in force when the debtor refuses to make the payment.
Then only you should write it off as Bad Debts.
Then only you should write it off as Bad Debts.
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