How to close a/c
This query is : Resolved
03 November 2012
An advance of Rs.10,000/- was given to X & Co. in the year 2010-11 for the supply of material. The party didn't supply the material and there is no possibility of recovering the amount. You are finalizing the account for the year 2011-12/. HOW WILL YOU CLOSE THE ACCOUNT ? Please give accounting entries .
03 November 2012
Need to write off the debit balance as non recoverable
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