provision for bad debt.
This query is : Resolved
17 August 2010
my co has created provision for bad debts amounting 1.45 crores in past 5 years. now management wants to treat all debtors as bad debts as we are unable to recover any money from them. now provision for bad debts has been offset by op reseve(P&L). and bad debts are charged to profit loss account. does treatment is correct? is reversal of Provision is prior period item ? pls reply soon.
04 August 2023
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