outstanding liabilities
This query is : Resolved
12 May 2011
what are the possible treatment for outstanding liabilities of the current year in the beginning of next year?
14 May 2011
It may be paid and cleared or if not payable any more may be written back.
15 May 2011
what will be the entry for writing off the same????
15 May 2011
Outstanding Liabilities A/c Dr.
To Outstanding Liab. written back A/c
Outs. Liab W/back account is to be transferred to P/L
To Outstanding Liab. written back A/c
Outs. Liab W/back account is to be transferred to P/L
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