provision for doubtful debts

This query is : Resolved

gopal (Querist)
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20 October 2010 Dear Sir,

one of our debtors party still he is not paying 75000, this amount i am going to write off.

how to make the journal entry

pls help me

Guest

Guest (Expert)

20 October 2010 Bad debts a/c dr.

To party a/c

Condition : according to CIT

u have taken action to recover that amount
from party

3 years old.

It is the assessee, who decides whether a debt has became bad or not and the A.O can never insist the assessee for production of proof that the debt had became bad

Newdeal Finance & Investments ltd Vs. Duputy CIT (2000) 74 ITD 469(Chennai)

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 October 2010 Sanat Ji has given more details in https://www.caclubindia.com/experts/disallowance-of-bad-debt-447595.asp

taxindiaconnect

taxindiaconnect (Expert)
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21 October 2010 Agree with Sanat Payne on his reply as per above link provided by BC sir.

gopal

gopal (Querist)
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21 October 2010 thanks mr ilayaraja.

bad debts group it will go to expense or balance sheet

Guest

Guest (Expert)

22 October 2010 Expenses

Regards

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