Debtors
This query is : Resolved
Gladson Philip
(Querist)
19 November 2019
A customer's ledger shows credit balance, but by mistake our staff write-off that credit balance by discount received a/c . What to do to correct this ledger account?
20 November 2019
As informed the entry is wrongly made , you are supposed to reverse the entry.
The original entry :
Customer account debit
Discount received credit
Reversal entry
Discount received Debit
Customer account Credit
Due care to be taken while written back customer account like confirmation of balance to be obtained from customer through letter or mail. If the company has policy of written off or written back over 3 years balance of creditors or debtors and if the debtors or creditor balance shows unclaimed balance over 3 years , that amount may be written back to books.
The original entry :
Customer account debit
Discount received credit
Reversal entry
Discount received Debit
Customer account Credit
Due care to be taken while written back customer account like confirmation of balance to be obtained from customer through letter or mail. If the company has policy of written off or written back over 3 years balance of creditors or debtors and if the debtors or creditor balance shows unclaimed balance over 3 years , that amount may be written back to books.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Visiting card purchase
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Additional trade name
- Equity Share Sale and Purchase
- Number of years as per AS amortisation of Goodwill
- Whether output tax is taken credit by purchaser
- Wrong CMPo8 file
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
