Liabilities write off
This query is : Resolved
09 February 2015
I have to write off liabilities which are payable for more than 5 years. So, can I write off these liabilities by adjusting against indirect income.
Thanks in advance.
Thanks in advance.
09 February 2015
yes you need to transfer it into misc w/off as an other income..if it is no longer payable.
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09 February 2015
Thanks CA Deven.
I have one more question.
Generally after how many period liabilities which are no longer payable can be write off.
Thanks in advance.
I have one more question.
Generally after how many period liabilities which are no longer payable can be write off.
Thanks in advance.
09 February 2015
Depends on type of liabilities and management decision..
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