Provision for bad debts
This query is : Resolved
12 June 2010
Dear Sirs,
One of the debtor has disputed for payment of debts due to a company. The matter is in Arbitration. In such an event, I would like to know on what basis the company is required to provide for bad debts? Please explain with reference to Accounting Standard...
Thanks in Advance
Dharmaraju
One of the debtor has disputed for payment of debts due to a company. The matter is in Arbitration. In such an event, I would like to know on what basis the company is required to provide for bad debts? Please explain with reference to Accounting Standard...
Thanks in Advance
Dharmaraju
12 June 2010
Please read As -29 and the conditions mentioned therein that require to make a provision for expenses. If the conditions are satisfied then provision compulsory.
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