Outstanding creditors
This query is : Resolved
20 June 2013
Some creditors are outstanding in our books of accounts since very long time and now i came to know that these companies are shut down...so pls advise me what should be the accounting treatment of these creditor how can i adjust them.
20 June 2013
YES YOU HAVE TO WRITE OFF
BUT PLS CONFIRM BL FROM CR. IF POSSIBLE
BUT PLS CONFIRM BL FROM CR. IF POSSIBLE
20 June 2013
Pls tell me the treatment of writing-off these creditors...and is there any tax implications
21 June 2013
how to write off creditors
21 June 2013
dr the creditors a/c
and credit the ledger Uncliamed amount Writenoff
and credit the ledger Uncliamed amount Writenoff
21 June 2013
it include in your income
in some decisions it sidecided that if the creditors related to capital assets then part of your capital receipts and not taxable.
but creditors related to revenue items is taxable .
in some decisions it sidecided that if the creditors related to capital assets then part of your capital receipts and not taxable.
but creditors related to revenue items is taxable .
22 June 2013
ok..if i write off the revenue creditors then it will be comes in the credit side as unclaimed amount write-off
22 June 2013
yes and your income will increse with w/o creditors amount '
and you have to pay tax. on it.
and you have to pay tax. on it.
22 June 2013
hmmm...thanks
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