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Non-payment of accounts payable

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30 July 2012 Date of purchase is before 3 years.. And the amount due on it is still unpaid. Means the amount has not been paid by the purchaser of goods till date. Then what will be the effect of this transaction in accounting entries as well as in income tax??
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CA Lokesh Pokharna

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CA Lokesh Pokharna (Expert)
30 July 2012 in the accounts you have to w/of amount & it will be allowable as a expenses if its not a very big amount
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