Debtors OS W/off
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 February 2011
ABC Ltd having foreign debtors outstanding as on march 2010 is Rs.5 Crores. Management is decided that this debtors is to fully written off bcause this is doubtful debts and no recoverable in future.
As a auditor what evidence we have to keep in our audit file.
Pls............Reply.............
As a auditor what evidence we have to keep in our audit file.
Pls............Reply.............
10 February 2011
In case of general debtors verification, we need to verify what action company/management has taken to recover such money(i.e legal notices, court cases etc) and follow-up actions on periodic basis. We need to verify letter of guarantee can be invoked if time is not barred.The auditor need to obtain management representation in this regard.
In cases of foreign debtors, permission from Authorised Dealer/RBI permission to write off such debtors.
In cases of foreign debtors, permission from Authorised Dealer/RBI permission to write off such debtors.
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
