Liabilities no longer written back
This query is : Resolved
Quick Summary
16 September 2025
Liabilities that is no longer require to pay , can i pass journal entry of
Sundry creditors A/C Dr.
To Liabilities No Longer written Back ( Indirect Income)
Sundry creditors A/C Dr.
To Liabilities No Longer written Back ( Indirect Income)
16 September 2025
Yes, when a liability such as sundry creditors is no longer required to be paid (for example, if the creditor waives the amount or it is written back), the correct journal entry is:
Sundry Creditors A/C Dr.
To Profit & Loss Adjustment A/C
Sundry Creditors A/C Dr.
To Profit & Loss Adjustment A/C
19 September 2025
Good Luck...
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Eway bill for machinery reparing
- Gift of mutual fund units to daughter
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Reporting of STCG on Property in ITR
- Form 10BD Filling
- Not able to file ITR
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
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
