Outstanding creditors

This query is : Resolved

CA Sanjana arora (Querist)
Follow

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.

Rupesh Jain

Rupesh Jain (Expert)
Follow

20 June 2013 YES YOU HAVE TO WRITE OFF
BUT PLS CONFIRM BL FROM CR. IF POSSIBLE

CA Sanjana arora

CA Sanjana arora (Querist)
Follow

20 June 2013 Pls tell me the treatment of writing-off these creditors...and is there any tax implications

CA Sanjana arora

CA Sanjana arora (Querist)
Follow

21 June 2013 how to write off creditors

Rupesh Jain

Rupesh Jain (Expert)
Follow

21 June 2013 dr the creditors a/c
and credit the ledger Uncliamed amount Writenoff

Rupesh Jain

Rupesh Jain (Expert)
Follow

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 .

CA Sanjana arora

CA Sanjana arora (Querist)
Follow

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

Rupesh Jain

Rupesh Jain (Expert)
Follow

22 June 2013 yes and your income will increse with w/o creditors amount '
and you have to pay tax. on it.

CA Sanjana arora

CA Sanjana arora (Querist)
Follow

22 June 2013 hmmm...thanks

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Chaitanya Voolla

chandradhass sathish

Saumil Kapadia

CA Archana R

Tax Expert Group

Subscribe Now

Outstanding creditors

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA