Netting of the balance

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BHASKAR AUDDY (Querist)
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08 July 2010 Is it permissible under any law, statute or any notfication of the statutory authority or any accounting standard or accoutning standard interpretation, general clarification etc to net off the debit balance with the credit balance of the same party. This can be done on the Balance Sheet date.

CA SMR

CA SMR (Expert)
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08 July 2010 As per my experience we could net off the debit balance in the Sundry Creditors' account at the Balance Sheet date.

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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08 July 2010 If both the ledger transactions ledgers relate to same item of expenditure. For eg. purchases only, then you can net off. If both the transactions relate to seperate items for eg. one construction advance you have paid and further you have purchased certain materials for your regular purchase then both should not be netted.

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