provision for doubtful debts
This query is : Resolved
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
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)
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)
20 October 2010
Sanat Ji has given more details in https://www.caclubindia.com/experts/disallowance-of-bad-debt-447595.asp
21 October 2010
Agree with Sanat Payne on his reply as per above link provided by BC sir.
21 October 2010
thanks mr ilayaraja.
bad debts group it will go to expense or balance sheet
bad debts group it will go to expense or balance sheet
Guest
Guest
(Expert)
22 October 2010
Expenses
Regards
Regards
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