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
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.