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Pending staff loan

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(Querist)
20 April 2018 Dear All,
We have pending workers loan since from last 2-3 years & there is no possibilities to recover from them. Which entry we have to pass if we
want to write off the said workers loan. Is there any statutory formalities are there? or any legal formalities?
Kindly advice me
Thanks,
Anjan Mehta
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
20 April 2018 You can write off workers loan provided they left you and no other dues available with you to recover. Credit workers loan account and debit workers loan write off P and L account.
No statutory or legal formalities.
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Anjan S Mehta

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Anjan S Mehta (Querist)
20 April 2018 Thanks sir, I have to create ledger a/c of workers loan write off in group indirect exps or simply direct debit to P & L a/c.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
20 April 2018 Create ledger a/c of workers loan write off in group indirect exps.
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