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
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